120,000 Shares in Marvell Technology Group Ltd. (NASDAQ:MRVL) Purchased by Lombard Odier Asset Management USA Corp

Lombard Odier Asset Management USA Corp purchased a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 120,000 shares of the semiconductor company’s stock, valued at approximately $2,387,000.

Other hedge funds have also recently made changes to their positions in the company. Loeb Partners Corp purchased a new stake in shares of Marvell Technology Group during the 4th quarter worth about $44,000. Quadrant Capital Group LLC lifted its holdings in shares of Marvell Technology Group by 1,266.3% during the first quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 2,482 shares during the last quarter. AlphaOne Investment Services LLC lifted its stake in Marvell Technology Group by 339.4% in the 4th quarter. AlphaOne Investment Services LLC now owns 3,344 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 2,583 shares in the last quarter. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group in the 1st quarter worth about $59,000. Finally, YorkBridge Wealth Partners LLC acquired a new position in Marvell Technology Group in the 1st quarter worth about $68,000.

NASDAQ:MRVL opened at $23.69 on Monday. Marvell Technology Group Ltd. has a 1 year low of $14.34 and a 1 year high of $25.74. The firm has a market capitalization of $15.76 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 7.57 and a beta of 1.17. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.23.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The firm had revenue of $662.00 million during the quarter, compared to the consensus estimate of $651.07 million. During the same period in the prior year, the business earned $0.32 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, sell-side analysts predict that Marvell Technology Group Ltd. will post 0.43 earnings per share for the current year.

In related news, EVP Mitchell Gaynor sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the transaction, the executive vice president now owns 25,576 shares in the company, valued at approximately $604,616.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company’s stock.

A number of analysts have commented on MRVL shares. Macquarie upgraded Marvell Technology Group from a “neutral” rating to an “outperform” rating and set a $24.00 price objective for the company in a research report on Tuesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of Marvell Technology Group in a report on Friday, March 8th. Zacks Investment Research lowered Marvell Technology Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 13th. Cowen reaffirmed an “outperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of Marvell Technology Group in a research report on Monday, March 18th. Finally, ValuEngine upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $25.83.

TRADEMARK VIOLATION WARNING: “120,000 Shares in Marvell Technology Group Ltd. (NASDAQ:MRVL) Purchased by Lombard Odier Asset Management USA Corp” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece on another site, it was illegally copied and reposted in violation of United States and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2019/06/17/120000-shares-in-marvell-technology-group-ltd-nasdaqmrvl-purchased-by-lombard-odier-asset-management-usa-corp.html.

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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.

Featured Article: Net Margin – Understanding the Different Kinds of Profit

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).

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

Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.