K2 Principal Fund L.P. bought a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 245,000 shares of the semiconductor company’s stock, valued at approximately $4,047,000.

Several other institutional investors also recently bought and sold shares of the stock. Greenwood Capital Associates LLC increased its holdings in Marvell Technology Group by 37.0% during the 2nd quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after purchasing an additional 5,105 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Marvell Technology Group by 9.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after purchasing an additional 47,648 shares in the last quarter. Jennison Associates LLC acquired a new stake in Marvell Technology Group during the 2nd quarter valued at $36,663,000. First Trust Advisors LP increased its holdings in Marvell Technology Group by 136.8% during the 1st quarter. First Trust Advisors LP now owns 364,273 shares of the semiconductor company’s stock valued at $5,559,000 after purchasing an additional 210,421 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its holdings in Marvell Technology Group by 18.2% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 20,203 shares of the semiconductor company’s stock valued at $309,000 after purchasing an additional 3,106 shares in the last quarter. Institutional investors and hedge funds own 76.61% of the company’s stock.

Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded up 0.06% during midday trading on Thursday, hitting $18.04. The company had a trading volume of 1,692,235 shares. Marvell Technology Group Ltd. has a 12-month low of $12.30 and a 12-month high of $18.67. The company’s 50-day moving average price is $16.65 and its 200 day moving average price is $16.25. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of 34.96 and a beta of 1.10.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $604.75 million during the quarter, compared to analysts’ expectations of $600.76 million. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Equities research analysts predict that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current fiscal year.

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In other news, major shareholder Sehat Sutardja sold 552,500 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $18.53, for a total transaction of $10,237,825.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 5,419,843 shares of company stock valued at $96,208,373 over the last 90 days. Company insiders own 6.80% of the company’s stock.

A number of research firms recently weighed in on MRVL. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Sunday, June 18th. Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Friday, May 26th. Northland Securities reaffirmed a “buy” rating and set a $20.00 price target on shares of Marvell Technology Group in a report on Friday, August 25th. Cowen and Company reaffirmed an “outperform” rating and set a $21.00 price target on shares of Marvell Technology Group in a report on Wednesday, June 21st. Finally, Citigroup Inc. raised Marvell Technology Group to an “outperform” rating and set a $23.00 price target for the company in a report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $19.22.

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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