Shell Asset Management Co. grew its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 33.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,878 shares of the semiconductor company’s stock after purchasing an additional 11,835 shares during the quarter. Shell Asset Management Co.’s holdings in Marvell Technology Group were worth $905,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its holdings in Marvell Technology Group by 5.1% during the 2nd quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after acquiring an additional 2,685,377 shares during the period. BlackRock Inc. boosted its holdings in Marvell Technology Group by 34.5% during the 3rd quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock valued at $628,056,000 after acquiring an additional 8,349,897 shares during the period. Standard Life Aberdeen plc boosted its holdings in Marvell Technology Group by 16.0% during the 2nd quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock valued at $307,944,000 after acquiring an additional 1,979,069 shares during the period. Boston Partners boosted its holdings in Marvell Technology Group by 2.6% during the 2nd quarter. Boston Partners now owns 12,206,654 shares of the semiconductor company’s stock valued at $261,711,000 after acquiring an additional 305,655 shares during the period. Finally, Jennison Associates LLC lifted its holdings in Marvell Technology Group by 47.4% in the 3rd quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock worth $146,907,000 after buying an additional 2,449,407 shares during the period. Hedge funds and other institutional investors own 95.31% of the company’s stock.
MRVL stock opened at $15.50 on Thursday. Marvell Technology Group Ltd. has a twelve month low of $14.69 and a twelve month high of $25.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. The company 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 posted its quarterly earnings data on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $844.07 million. During the same quarter last year, the company earned $0.34 EPS. The firm’s revenue for the quarter was up 38.1% on a year-over-year basis. Equities research analysts forecast that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.
Marvell Technology Group declared that its board has authorized a share buyback plan on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several research analysts have recently issued reports on the company. Citigroup decreased their target price on Marvell Technology Group from $20.00 to $17.30 and set a “neutral” rating for the company in a research report on Thursday. Cowen decreased their target price on Marvell Technology Group from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group reissued an “in-line” rating and issued a $25.00 target price (down previously from $30.00) on shares of Marvell Technology Group in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price (down previously from $27.00) on shares of Marvell Technology Group in a research report on Wednesday. Finally, Credit Suisse Group reissued a “buy” rating and issued a $30.00 target price on shares of Marvell Technology Group in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $24.57.
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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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