Marvell Technology Group Ltd. (NASDAQ:MRVL) major shareholder Sehat Sutardja sold 420,422 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded down 0.80% on Thursday, hitting $17.47. 3,584,408 shares of the stock traded hands. Marvell Technology Group Ltd. has a 1-year low of $12.03 and a 1-year high of $18.18. The stock has a market cap of $8.75 billion, a PE ratio of 33.86 and a beta of 1.10. The stock has a 50 day moving average of $16.18 and a 200-day moving average of $16.13.

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

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A number of hedge funds have recently made changes to their positions in MRVL. BlackRock Inc. boosted its holdings in Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after acquiring an additional 23,727,243 shares during the last quarter. Boston Partners bought a new stake in Marvell Technology Group in the second quarter valued at approximately $133,179,000. UBS Asset Management Americas Inc. boosted its holdings in Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after acquiring an additional 3,613,160 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in Marvell Technology Group in the first quarter valued at approximately $42,491,000. Finally, Renaissance Technologies LLC boosted its holdings in Marvell Technology Group by 239.6% in the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock valued at $64,199,000 after acquiring an additional 2,741,914 shares during the last quarter. Institutional investors and hedge funds own 75.63% of the company’s stock.

A number of brokerages have recently issued reports on MRVL. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, June 2nd. Needham & Company LLC restated a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a research note on Thursday, August 24th. BidaskClub upgraded shares of Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, KeyCorp increased their price objective on shares of Marvell Technology Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Marvell Technology Group has an average rating of “Buy” and a consensus target price of $18.93.

Marvell Technology Group Company Profile

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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