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

A number of research firms recently 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 lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research report on Monday, May 30th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $10.92.

The stock’s market cap is $5.05 billion. The stock’s 50 day moving average price is $9.93 and its 200-day moving average price is $9.58.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 12th. Stockholders of record on Tuesday, June 14th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, June 10th. This represents a $0.24 annualized dividend and a dividend yield of 2.40%.

Several hedge funds and institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in 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 in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Marvell Technology Group by 0.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 558,370 shares of the company’s stock valued at $4,925,000 after buying an additional 3,400 shares during the period. Mizuho Trust & Banking Co. Ltd. boosted its position in shares of Marvell Technology Group by 1.4% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 589,059 shares of the company’s stock valued at $5,160,000 after buying an additional 8,047 shares during the period. Swiss National Bank boosted its position in shares of Marvell Technology Group by 1.3% in the fourth quarter. Swiss National Bank now owns 749,672 shares of the company’s stock valued at $6,612,000 after buying an additional 9,400 shares during the period. Finally, Comerica Bank boosted its position in shares of Marvell Technology Group by 3.3% in the fourth quarter. Comerica Bank now owns 320,118 shares of the company’s stock valued at $2,632,000 after buying an additional 10,086 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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