Sei Investments Co. decreased its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 276,387 shares of the semiconductor company’s stock after selling 8,292 shares during the quarter. Sei Investments Co. owned about 0.06% of Marvell Technology Group worth $4,947,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new stake in Marvell Technology Group in the 3rd quarter valued at $106,000. D.A. Davidson & CO. increased its stake in Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 600 shares during the period. Creative Planning increased its stake in Marvell Technology Group by 39.8% in the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares during the period. First Quadrant L P CA acquired a new position in Marvell Technology Group in the 3rd quarter valued at $211,000. Finally, Achmea Investment Management B.V. acquired a new position in Marvell Technology Group in the 2nd quarter valued at $214,000. Hedge funds and other institutional investors own 78.84% of the company’s stock.
Marvell Technology Group Ltd. (NASDAQ MRVL) opened at $21.97 on Wednesday. The stock has a market cap of $10,953.76, a PE ratio of 23.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13. Marvell Technology Group Ltd. has a 1-year low of $13.83 and a 1-year high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The business had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. analysts forecast that Marvell Technology Group Ltd. will post 1.01 EPS for the current year.
In related news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Sehat Sutardja sold 62,337 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $18.48, for a total transaction of $1,151,987.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,147,425 shares of company stock worth $313,545,970. Insiders own 6.80% of the company’s stock.
Several brokerages have issued reports on MRVL. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, September 1st. BMO Capital Markets boosted their price objective on shares of Marvell Technology Group to $25.00 and gave the company a “market perform” rating in a research note on Monday, November 27th. Jefferies Group set a $19.00 price objective on shares of Marvell Technology Group and gave the company a “hold” rating in a research note on Wednesday, October 18th. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Finally, Needham & Company LLC boosted their price objective on shares of Marvell Technology Group from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 29th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $23.48.
Marvell Technology Group Company Profile
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.
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