State Street Corp Sells 225,954 Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL)

State Street Corp reduced its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,916,248 shares of the semiconductor company’s stock after selling 225,954 shares during the quarter. State Street Corp owned 2.09% of Marvell Technology Group worth $347,489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its position in Marvell Technology Group by 128.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 97,954,732 shares of the semiconductor company’s stock worth $2,338,179,000 after acquiring an additional 55,005,127 shares in the last quarter. Vanguard Group Inc. raised its position in Marvell Technology Group by 1.1% during the second quarter. Vanguard Group Inc. now owns 56,926,422 shares of the semiconductor company’s stock worth $1,358,833,000 after acquiring an additional 628,141 shares in the last quarter. Allianz Asset Management GmbH raised its position in Marvell Technology Group by 137.1% during the second quarter. Allianz Asset Management GmbH now owns 9,718,724 shares of the semiconductor company’s stock worth $231,986,000 after acquiring an additional 5,619,751 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in Marvell Technology Group during the second quarter worth $212,265,000. Finally, Whale Rock Capital Management LLC bought a new stake in Marvell Technology Group during the second quarter worth $204,888,000. 96.38% of the stock is currently owned by hedge funds and other institutional investors.

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MRVL stock opened at $25.81 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06. The company’s 50-day simple moving average is $25.66 and its 200 day simple moving average is $24.72. Marvell Technology Group Ltd. has a 52 week low of $14.34 and a 52 week high of $28.38. The company has a market capitalization of $17.59 billion, a PE ratio of 30.36, a price-to-earnings-growth ratio of 12.69 and a beta of 1.19.

In related news, CEO Matthew J. Murphy sold 15,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $24.83, for a total value of $372,450.00. Following the transaction, the chief executive officer now directly owns 1,755 shares in the company, valued at $43,576.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 100,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $28.00, for a total transaction of $2,800,000.00. The disclosure for this sale can be found here. Insiders sold 370,933 shares of company stock worth $9,666,982 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on the stock. Benchmark set a $30.00 price target on shares of Marvell Technology Group and gave the stock a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Co raised shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $25.00 to $32.00 in a research report on Monday, November 4th. Craig Hallum raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Marvell Technology Group in a report on Sunday, September 1st. Finally, Piper Jaffray Companies set a $30.00 price objective on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company’s stock. Marvell Technology Group presently has an average rating of “Buy” and an average target price of $27.42.

About Marvell Technology Group

Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

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