Columbus Circle Investors Buys New Stake in Marvell Technology Group Ltd. (MRVL)

Columbus Circle Investors purchased a new position in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 90,050 shares of the semiconductor company’s stock, valued at approximately $1,612,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bank of Montreal Can increased its stake in shares of Marvell Technology Group by 593.9% in the second quarter. Bank of Montreal Can now owns 493,150 shares of the semiconductor company’s stock worth $8,147,000 after purchasing an additional 422,078 shares in the last quarter. NN Investment Partners Holdings N.V. grew its stake in Marvell Technology Group by 764.7% during the second quarter. NN Investment Partners Holdings N.V. now owns 20,598 shares of the semiconductor company’s stock valued at $340,000 after acquiring an additional 18,216 shares in the last quarter. Creative Planning grew its stake in Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after acquiring an additional 2,850 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in Marvell Technology Group by 468.3% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 65,966 shares of the semiconductor company’s stock valued at $1,090,000 after acquiring an additional 54,359 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC grew its stake in Marvell Technology Group by 4.1% during the second quarter. Quantitative Systematic Strategies LLC now owns 17,107 shares of the semiconductor company’s stock valued at $288,000 after acquiring an additional 673 shares in the last quarter. Institutional investors and hedge funds own 78.84% of the company’s stock.

Shares of Marvell Technology Group Ltd. (MRVL) traded up $0.18 on Thursday, reaching $22.00. 6,481,291 shares of the company were exchanged, compared to its average volume of 6,831,205. Marvell Technology Group Ltd. has a one year low of $13.83 and a one year high of $24.22. The company has a market cap of $10,791.66, a price-to-earnings ratio of 23.62, a price-to-earnings-growth ratio of 1.33 and a beta of 1.13.

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, beating analysts’ consensus estimates of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The company had revenue of $616.00 million during the quarter, compared to analyst estimates of $613.49 million. During the same quarter last year, the business posted $0.20 EPS. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. analysts expect that Marvell Technology Group Ltd. will post 1.01 EPS for the current fiscal year.

In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 1,266,498 shares of the firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $18.55, for a total transaction of $23,493,537.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Insiders have sold a total of 16,610,190 shares of company stock worth $304,106,751 in the last three months. Insiders own 6.80% of the company’s stock.

A number of equities analysts have commented on the stock. Benchmark raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $17.00 to $30.00 in a research note on Monday, November 20th. Citigroup raised shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price objective for the company in a research note on Tuesday, November 7th. Oppenheimer reissued a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research note on Monday, November 6th. Barclays raised shares of Marvell Technology Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $20.00 to $30.00 in a research note on Tuesday, November 21st. Finally, 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. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $23.48.

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Marvell Technology Group 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.

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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