Equities researchers at Piper Jaffray Companies began coverage on shares of Marvell Technology Group (NASDAQ:MRVL) in a research report issued to clients and investors on Monday, The Fly reports. The firm set an “overweight” rating on the semiconductor company’s stock.
Other equities analysts have also recently issued research reports about the company. B. Riley reiterated a “buy” rating and issued a $24.00 price target on shares of Marvell Technology Group in a report on Wednesday, September 20th. Northland Securities reiterated a “buy” rating and issued a $20.00 price target on shares of Marvell Technology Group in a report on Friday, August 25th. Cowen restated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Monday, August 21st. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price on the stock in a report on Tuesday, November 7th. Finally, Credit Suisse Group restated a “buy” rating on shares of Marvell Technology Group in a report on Wednesday, August 23rd. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $23.87.
Marvell Technology Group (MRVL) traded up $0.54 during trading on Monday, reaching $22.16. The company had a trading volume of 7,887,500 shares, compared to its average volume of 6,829,552. The company has a market capitalization of $10,619.75, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.31 and a beta of 1.13. Marvell Technology Group has a fifty-two week low of $13.83 and a fifty-two week high of $24.22.
In other news, major shareholder Sehat Sutardja sold 1,842,500 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $18.52, for a total transaction of $34,123,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total value of $208,014.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,148,004 shares of company stock worth $224,837,926. 6.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC raised its position in shares of Marvell Technology Group by 6.0% during the third quarter. Parametric Portfolio Associates LLC now owns 943,989 shares of the semiconductor company’s stock worth $16,897,000 after purchasing an additional 53,038 shares during the period. IFM Investors Pty Ltd acquired a new stake in Marvell Technology Group in the 3rd quarter valued at approximately $640,000. Parallel Advisors LLC acquired a new stake in Marvell Technology Group in the 3rd quarter valued at approximately $968,000. Afam Capital Inc. raised its position in Marvell Technology Group by 13.4% in the 3rd quarter. Afam Capital Inc. now owns 267,181 shares of the semiconductor company’s stock valued at $4,783,000 after buying an additional 31,604 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in Marvell Technology Group by 36.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 116,630 shares of the semiconductor company’s stock valued at $2,088,000 after buying an additional 31,153 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.
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.
