Several other equities research analysts have also weighed in on the company. BidaskClub lowered Marvell Technology Group from a hold rating to a sell rating in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Monday, November 6th. Zacks Investment Research lowered Marvell Technology Group from a buy rating to a hold rating in a report on Thursday, July 27th. Cowen and Company reiterated a buy rating on shares of Marvell Technology Group in a report on Friday, October 13th. Finally, Jefferies Group LLC set a $19.00 price target on Marvell Technology Group and gave the stock a hold rating in a report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $21.25.
Shares of Marvell Technology Group (NASDAQ MRVL) traded up $1.30 during midday trading on Monday, hitting $21.59. The company had a trading volume of 67,009,297 shares, compared to its average volume of 6,415,622. The company has a market cap of $10,700.00, a PE ratio of 26.01, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. Marvell Technology Group has a 1-year low of $13.59 and a 1-year high of $21.81.
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The business also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.11%. Marvell Technology Group’s dividend payout ratio is 54.55%.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 1,266,498 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $18.55, for a total value of $23,493,537.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 17,558,035 shares of company stock valued at $320,838,284. Corporate 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. Boston Partners acquired a new stake in shares of Marvell Technology Group in the second quarter valued at approximately $133,179,000. Epoch Investment Partners Inc. lifted its holdings in Marvell Technology Group by 981.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after purchasing an additional 3,614,719 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Marvell Technology Group by 239.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after purchasing an additional 2,741,914 shares during the last quarter. Jennison Associates LLC acquired a new stake in Marvell Technology Group during the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC lifted its holdings in Marvell Technology Group by 60.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after purchasing an additional 1,677,100 shares during the last quarter. 77.03% of the stock is 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.
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