Fred Alger Management Inc. purchased a new position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,773 shares of the semiconductor company’s stock, valued at approximately $2,035,000.
A number of other institutional investors also recently made changes to their positions in MRVL. The Manufacturers Life Insurance Company purchased a new position in Marvell Technology Group in the second quarter worth $291,000. First Trust Advisors LP boosted its position in Marvell Technology Group by 16.9% in the third quarter. First Trust Advisors LP now owns 172,620 shares of the semiconductor company’s stock worth $3,090,000 after purchasing an additional 24,930 shares during the last quarter. State of Wisconsin Investment Board boosted its position in Marvell Technology Group by 26.2% in the third quarter. State of Wisconsin Investment Board now owns 615,393 shares of the semiconductor company’s stock worth $11,016,000 after purchasing an additional 127,648 shares during the last quarter. Jennison Associates LLC boosted its position in Marvell Technology Group by 31.5% in the third quarter. Jennison Associates LLC now owns 2,919,037 shares of the semiconductor company’s stock worth $52,251,000 after purchasing an additional 699,719 shares during the last quarter. Finally, Toronto Dominion Bank boosted its position in Marvell Technology Group by 239.5% in the third quarter. Toronto Dominion Bank now owns 16,950 shares of the semiconductor company’s stock worth $303,000 after purchasing an additional 11,957 shares during the last quarter. Institutional investors and hedge funds own 91.67% of the company’s stock.
MRVL has been the topic of several research analyst reports. Bank of America raised Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday, November 20th. Cowen reaffirmed an “outperform” rating and set a $29.00 price target (up previously from $21.00) on shares of Marvell Technology Group in a research report on Monday, November 27th. Stifel Nicolaus upped their price target on Marvell Technology Group from $19.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, March 9th. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, BMO Capital Markets upped their price target on Marvell Technology Group to $25.00 and gave the company a “market perform” rating in a research report on Monday, November 27th. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $25.02.
Shares of Marvell Technology Group Ltd. (NASDAQ MRVL) opened at $22.94 on Wednesday. The stock has a market capitalization of $12,085.32, a PE ratio of 23.66, a P/E/G ratio of 1.84 and a beta of 0.91. Marvell Technology Group Ltd. has a 1-year low of $14.58 and a 1-year high of $25.18.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $615.40 million for the quarter, compared to analysts’ expectations of $610.99 million. Marvell Technology Group had a return on equity of 13.25% and a net margin of 21.56%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 EPS. analysts anticipate that Marvell Technology Group Ltd. will post 1.18 earnings per share for the current year.
In other Marvell Technology Group news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $24.24, for a total value of $727,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the company’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $23.86, for a total value of $36,076.32. The disclosure for this sale can be found here. Insiders have sold a total of 51,512 shares of company stock worth $1,236,276 in the last three months. 6.80% of the stock is currently owned by insiders.
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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.
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