Marvell Technology Group (NASDAQ:MRVL) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities research analysts have also issued research reports about the stock. B. Riley reissued a “buy” rating and set a $24.00 price objective on shares of Marvell Technology Group in a research note on Wednesday, September 20th. Loop Capital reissued a “buy” rating and set a $22.00 price objective on shares of Marvell Technology Group in a research note on Friday, August 25th. Oppenheimer reissued a “buy” rating and set a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, August 25th. Northland Securities reissued a “buy” rating and set a $20.00 price objective on shares of Marvell Technology Group in a research note on Friday, August 25th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Marvell Technology Group in a research note on Wednesday, August 23rd. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $23.48.

Marvell Technology Group (MRVL) traded down $0.16 during trading hours on Friday, reaching $22.18. 13,140,079 shares of the company traded hands, compared to its average volume of 14,025,624. Marvell Technology Group has a 1-year low of $13.59 and a 1-year high of $24.22. The company has a market capitalization of $10,972.10, a price-to-earnings ratio of 24.02, a P/E/G ratio of 1.36 and a beta of 1.12.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The business had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. Marvell Technology Group’s quarterly revenue was down 5.8% on a year-over-year basis. analysts expect that Marvell Technology Group will post 1 EPS for the current year.

In other news, major shareholder Sehat Sutardja sold 492,343 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $17.41, for a total value of $8,571,691.63. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 17,558,035 shares of company stock worth $320,838,284. Insiders own 6.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Creative Planning raised its holdings in shares of Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after purchasing an additional 2,850 shares during the last quarter. NGAM Advisors L.P. raised its holdings in shares of Marvell Technology Group by 28.4% during the second quarter. NGAM Advisors L.P. now owns 171,521 shares of the semiconductor company’s stock valued at $2,834,000 after purchasing an additional 37,892 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Marvell Technology Group by 8.2% during the second quarter. Janney Montgomery Scott LLC now owns 37,134 shares of the semiconductor company’s stock valued at $613,000 after purchasing an additional 2,825 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Marvell Technology Group during the second quarter valued at approximately $2,478,000. Finally, TD Asset Management Inc. raised its holdings in shares of Marvell Technology Group by 3,936.5% during the second quarter. TD Asset Management Inc. now owns 1,074,119 shares of the semiconductor company’s stock valued at $17,744,000 after purchasing an additional 1,047,509 shares during the last quarter. 78.10% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Marvell Technology Group (NASDAQ:MRVL)

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