Riverhead Capital Management LLC acquired a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 15,300 shares of the semiconductor company’s stock, valued at approximately $321,000.
Several other hedge funds also recently made changes to their positions in MRVL. Two Sigma Advisers LP lifted its holdings in shares of Marvell Technology Group by 152.0% during the 4th quarter. Two Sigma Advisers LP now owns 6,195,002 shares of the semiconductor company’s stock worth $133,007,000 after acquiring an additional 3,736,310 shares during the period. Frontier Capital Management Co. LLC raised its holdings in Marvell Technology Group by 107,727.9% in the first quarter. Frontier Capital Management Co. LLC now owns 2,821,856 shares of the semiconductor company’s stock valued at $59,259,000 after buying an additional 2,819,239 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Marvell Technology Group in the first quarter valued at approximately $40,100,000. TIAA CREF Investment Management LLC raised its holdings in Marvell Technology Group by 60.3% in the fourth quarter. TIAA CREF Investment Management LLC now owns 2,493,165 shares of the semiconductor company’s stock valued at $53,528,000 after buying an additional 937,925 shares during the period. Finally, Meitav Dash Investments Ltd. purchased a new position in Marvell Technology Group in the fourth quarter valued at approximately $19,511,000.
In other news, CEO Matthew J. Murphy sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 4th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $24.24, for a total transaction of $727,200.00. The disclosure for this sale can be found here. Insiders have sold 53,310 shares of company stock valued at $1,208,344 in the last three months. Corporate insiders own 0.10% of the company’s stock.
MRVL stock opened at $22.49 on Friday. Marvell Technology Group Ltd. has a twelve month low of $14.87 and a twelve month high of $25.18. The company has a market cap of $10.97 billion, a PE ratio of 21.63, a P/E/G ratio of 1.69 and a beta of 0.98.
Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.13%. The business had revenue of $615.40 million during the quarter, compared to the consensus estimate of $610.99 million. During the same quarter last year, the company earned $0.22 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. research analysts expect that Marvell Technology Group Ltd. will post 1.16 EPS for the current fiscal year.
Several research firms recently commented on MRVL. Morgan Stanley restated an “equal weight” rating and issued a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a report on Friday, March 9th. Longbow Research began coverage on shares of Marvell Technology Group in a report on Wednesday, April 18th. They issued a “buy” rating and a $27.00 price target on the stock. Zacks Investment Research lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Wednesday, March 7th. TheStreet lowered shares of Marvell Technology Group from a “b” rating to a “c+” rating in a report on Thursday, March 8th. Finally, Argus began coverage on shares of Marvell Technology Group in a report on Wednesday, March 7th. They issued a “buy” rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $25.93.
Marvell Technology Group Company 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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