Shell Asset Management Co. lifted its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 33.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,878 shares of the semiconductor company’s stock after buying an additional 11,835 shares during the period. Shell Asset Management Co.’s holdings in Marvell Technology Group were worth $905,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in MRVL. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of Marvell Technology Group during the 2nd quarter valued at $117,000. MUFG Americas Holdings Corp purchased a new position in shares of Marvell Technology Group during the 2nd quarter valued at $120,000. Cerebellum GP LLC purchased a new position in shares of Marvell Technology Group during the 3rd quarter valued at $183,000. Commonwealth Bank of Australia lifted its position in shares of Marvell Technology Group by 1,142.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after buying an additional 8,000 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of Marvell Technology Group during the 3rd quarter valued at $203,000. 95.31% of the stock is currently owned by institutional investors.
MRVL has been the topic of a number of recent research reports. Goldman Sachs Group initiated coverage on Marvell Technology Group in a research report on Tuesday, September 18th. They set a “buy” rating and a $23.00 price target on the stock. TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. Barclays dropped their price target on Marvell Technology Group from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 23rd. B. Riley dropped their price target on Marvell Technology Group from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 10th. Finally, ValuEngine lowered Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.57.
NASDAQ:MRVL opened at $15.50 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.76 and a current ratio of 2.54. Marvell Technology Group Ltd. has a 52-week low of $14.69 and a 52-week high of $25.18. The firm has a market cap of $10.21 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.97 and a beta of 1.01.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings data on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. Marvell Technology Group had a return on equity of 10.43% and a net margin of 4.76%. The company had revenue of $851.05 million for the quarter, compared to analyst estimates of $844.07 million. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue for the quarter was up 38.1% compared to the same quarter last year. Research analysts forecast that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current year.
Marvell Technology Group declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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Marvell Technology Group Profile
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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