Schwab Charles Investment Management Inc. Has $24.87 Million Stake in Marvell Technology Group Ltd. (MRVL)

Schwab Charles Investment Management Inc. reduced its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,505,612 shares of the semiconductor company’s stock after selling 8,533 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.30% of Marvell Technology Group worth $24,873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of MRVL. Tower Research Capital LLC TRC boosted its position in shares of Marvell Technology Group by 1,740.4% in the 1st quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock worth $122,000 after purchasing an additional 7,536 shares in the last quarter. United Capital Financial Advisers LLC bought a new stake in shares of Marvell Technology Group in the 1st quarter worth approximately $165,000. Creative Planning boosted its position in shares of Marvell Technology Group by 39.8% in the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after purchasing an additional 2,850 shares in the last quarter. First Financial Equity Corporation bought a new stake in shares of Marvell Technology Group in the 1st quarter worth approximately $237,000. Finally, Chartwell Investment Partners LLC bought a new stake in shares of Marvell Technology Group in the 1st quarter worth approximately $255,000. 76.67% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of Marvell Technology Group Ltd. (NASDAQ MRVL) opened at 18.34 on Friday. The stock has a 50 day moving average price of $16.49 and a 200 day moving average price of $16.21. Marvell Technology Group Ltd. has a 1-year low of $12.30 and a 1-year high of $18.56. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 35.54 and a beta of 1.10.

Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $604.75 million for the quarter, compared to analyst estimates of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Equities research analysts anticipate that Marvell Technology Group Ltd. will post $1.12 EPS for the current year.

A number of analysts have recently commented on the company. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a research report on Friday, June 2nd. BidaskClub raised Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. Cowen and Company reissued a “buy” rating and issued a $21.00 price target on shares of Marvell Technology Group in a research report on Monday, August 21st. KeyCorp boosted their price target on Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, August 25th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $21.00 price target on shares of Marvell Technology Group in a research report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $18.93.

In related news, major shareholder Sehat Sutardja sold 420,422 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 4,867,343 shares of company stock valued at $85,970,548 over the last 90 days. 6.80% of the stock is currently owned by insiders.

About Marvell Technology Group

Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.

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Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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