Marvell Technology Group Ltd. (NASDAQ:MRVL) was upgraded by Citigroup Inc. from a “sell” rating to a “neutral” rating in a note issued to investors on Tuesday, November 7th, Marketbeat reports. The brokerage presently has a $22.00 price target on the semiconductor company’s stock. Citigroup Inc.’s price target points to a potential downside of 7.56% from the stock’s current price.
A number of other research analysts also recently issued reports on MRVL. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, September 1st. BidaskClub raised Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. Cowen Inc reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 21st. KeyCorp increased their price objective on Marvell Technology Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, August 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $21.59.
Marvell Technology Group (NASDAQ:MRVL) opened at $23.80 on Tuesday. The stock has a market capitalization of $11,689.16, a P/E ratio of 30.51, a P/E/G ratio of 1.68 and a beta of 1.05. Marvell Technology Group has a 12 month low of $13.59 and a 12 month high of $24.22.
In related news, major shareholder Sehat Sutardja sold 537,235 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $17.57, for a total value of $9,439,218.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 17,558,035 shares of company stock valued at $320,838,284 over the last three months. Insiders own 6.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Boston Partners purchased a new position in Marvell Technology Group during the second quarter worth $133,179,000. Epoch Investment Partners Inc. increased its position in Marvell Technology Group by 981.1% during the third quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after buying an additional 3,614,719 shares in the last quarter. Renaissance Technologies LLC increased its position in Marvell Technology Group by 239.6% during the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after buying an additional 2,741,914 shares in the last quarter. Jennison Associates LLC purchased a new position in Marvell Technology Group during the second quarter worth $36,663,000. Finally, TimesSquare Capital Management LLC increased its position in Marvell Technology Group by 60.2% during the second quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after buying an additional 1,677,100 shares in the last quarter. 77.03% of the stock is owned by hedge funds and other 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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