Marvell Technology Group Ltd. (NASDAQ:MRVL) shares shot up 2.3% on Thursday . The stock traded as high as $9.78 and last traded at $9.66, with a volume of 2,265,290 shares traded. The stock had previously closed at $9.44.

Several research firms have weighed in on MRVL. Needham & Company LLC reiterated a “hold” rating on shares of Marvell Technology Group in a research report on Wednesday, June 29th. B. Riley reiterated a “buy” rating and issued a $15.00 price target on shares of Marvell Technology Group in a research report on Sunday, June 26th. Cowen and Company reiterated an “outperform” rating and issued a $15.00 price target on shares of Marvell Technology Group in a research report on Tuesday, June 21st. BMO Capital Markets reiterated a “hold” rating on shares of Marvell Technology Group in a research report on Monday, June 13th. Finally, Zacks Investment Research downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Monday, May 30th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and seven have assigned a buy rating to the company. Marvell Technology Group currently has a consensus rating of “Hold” and a consensus price target of $10.92.

The company has a 50-day moving average of $9.92 and a 200-day moving average of $9.57. The stock’s market capitalization is $4.93 billion.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 12th. Investors of record on Tuesday, June 14th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, June 10th.

A number of hedge funds and institutional investors recently made changes to their positions in MRVL. BNP Paribas Arbitrage SA raised its position in shares of Marvell Technology Group by 45.8% in the fourth quarter. BNP Paribas Arbitrage SA now owns 227,355 shares of the company’s stock valued at $2,005,000 after buying an additional 71,420 shares during the period. Andra AP fonden raised its position in shares of Marvell Technology Group by 72.9% in the fourth quarter. Andra AP fonden now owns 266,600 shares of the company’s stock valued at $2,351,000 after buying an additional 112,400 shares during the period. Wells Fargo & Company MN raised its position in shares of Marvell Technology Group by 0.8% in the fourth quarter. Wells Fargo & Company MN now owns 143,475 shares of the company’s stock valued at $1,265,000 after buying an additional 1,079 shares during the period. Morgan Stanley raised its position in shares of Marvell Technology Group by 37.6% in the fourth quarter. Morgan Stanley now owns 17,512,669 shares of the company’s stock valued at $154,461,000 after buying an additional 4,789,328 shares during the period. Finally, Afam Capital Inc. raised its position in shares of Marvell Technology Group by 10.0% in the fourth quarter. Afam Capital Inc. now owns 331,309 shares of the company’s stock valued at $2,922,000 after buying an additional 30,037 shares during the period.

Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.

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