Principal Financial Group Inc. trimmed its stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 8.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 42,466 shares of the semiconductor company’s stock after selling 3,886 shares during the quarter. Principal Financial Group Inc.’s holdings in Marvell Technology Group were worth $760,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Marvell Technology Group by 0.9% in the second quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock valued at $531,785,000 after buying an additional 290,339 shares during the last quarter. Boston Partners increased its holdings in shares of Marvell Technology Group by 51.4% during the third quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock valued at $218,480,000 after purchasing an additional 4,143,929 shares during the period. Contour Asset Management LLC increased its holdings in shares of Marvell Technology Group by 11.5% during the second quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock valued at $151,868,000 after purchasing an additional 944,622 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Marvell Technology Group by 2.3% during the second quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock valued at $147,050,000 after purchasing an additional 195,985 shares during the period. Finally, TimesSquare Capital Management LLC increased its holdings in shares of 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 valued at $73,706,000 after purchasing an additional 1,677,100 shares during the period. Institutional investors own 78.83% of the company’s stock.

A number of brokerages have recently commented on MRVL. Cowen reissued an “outperform” rating and set a $29.00 price target (up from $21.00) on shares of Marvell Technology Group in a report on Monday, November 27th. BMO Capital Markets raised their price target on Marvell Technology Group to $25.00 and gave the company a “market perform” rating in a report on Monday, November 27th. Credit Suisse Group reissued an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Marvell Technology Group in a report on Tuesday, November 28th. Oppenheimer raised their price target on Marvell Technology Group from $23.00 to $30.00 and gave the company an “outperform” rating in a report on Tuesday, November 21st. Finally, Stifel Nicolaus raised their price target on Marvell Technology Group from $16.00 to $19.00 and gave the company a “hold” rating in a report on Wednesday, November 29th. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus price target of $23.87.

In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of Marvell Technology Group 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sehat Sutardja sold 1,266,498 shares of Marvell Technology Group stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $18.55, for a total value of $23,493,537.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,700,504 shares of company stock worth $235,075,751. 6.80% of the stock is owned by corporate insiders.

Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at $21.83 on Thursday. The stock has a market capitalization of $10,899.73, a PE ratio of 23.86, a P/E/G ratio of 1.34 and a beta of 1.13. Marvell Technology Group Ltd. has a fifty-two week low of $13.83 and a fifty-two week high of $24.22.

Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. Marvell Technology Group’s revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. research analysts predict that Marvell Technology Group Ltd. will post 1.01 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Wednesday, December 27th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Tuesday, December 26th. Marvell Technology Group’s payout ratio is currently 31.17%.

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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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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