Point72 Asset Management L.P. lowered its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 45.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,252,093 shares of the semiconductor company’s stock after selling 1,025,292 shares during the quarter. Point72 Asset Management L.P. owned 0.25% of Marvell Technology Group worth $26,845,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MRVL. FMR LLC grew its position in Marvell Technology Group by 5.1% during the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after buying an additional 2,685,377 shares during the period. Swiss National Bank grew its position in Marvell Technology Group by 17.0% during the second quarter. Swiss National Bank now owns 1,474,872 shares of the semiconductor company’s stock valued at $31,621,000 after buying an additional 214,300 shares during the period. Barings LLC acquired a new stake in Marvell Technology Group during the second quarter valued at $251,000. Twin Tree Management LP grew its position in Marvell Technology Group by 155.5% during the second quarter. Twin Tree Management LP now owns 56,461 shares of the semiconductor company’s stock valued at $1,211,000 after buying an additional 34,361 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in Marvell Technology Group during the second quarter valued at $1,608,000.

Shares of NASDAQ MRVL opened at $18.33 on Thursday. Marvell Technology Group Ltd. has a 52-week low of $17.49 and a 52-week high of $25.18. The stock has a market capitalization of $9.43 billion, a PE ratio of 18.08, a P/E/G ratio of 1.78 and a beta of 0.91.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). The business had revenue of $665.31 million during the quarter, compared to analysts’ expectations of $685.00 million. Marvell Technology Group had a return on equity of 12.95% and a net margin of 15.36%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. sell-side analysts forecast that Marvell Technology Group Ltd. will post 0.86 EPS for the current year.

Several research firms recently commented on MRVL. ValuEngine upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 28th. Argus restated a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research report on Friday, June 29th. BMO Capital Markets restated a “hold” rating and set a $24.00 price target on shares of Marvell Technology Group in a research report on Friday, September 7th. Evercore ISI began coverage on shares of Marvell Technology Group in a research report on Tuesday, June 26th. They set an “outperform” rating and a $27.00 price target on the stock. Finally, Deutsche Bank upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Tuesday, June 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $26.10.

In other news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total value of $206,400.00. Following the transaction, the chief executive officer now directly owns 1,755 shares of the company’s stock, valued at $36,223.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 30,000 shares of company stock worth $631,200. Insiders own 0.10% of the company’s stock.

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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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