Oribel Capital Management LP purchased a new stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 506,300 shares of the semiconductor company’s stock, valued at approximately $10,870,000. Marvell Technology Group accounts for approximately 3.6% of Oribel Capital Management LP’s portfolio, making the stock its 5th biggest position. Oribel Capital Management LP owned approximately 0.10% of Marvell Technology Group at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Public Employees Retirement Association of Colorado lifted its stake in Marvell Technology Group by 3.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 82,258 shares of the semiconductor company’s stock worth $1,766,000 after acquiring an additional 2,388 shares in the last quarter. Hoertkorn Richard Charles grew its stake in Marvell Technology Group by 0.9% during the 4th quarter. Hoertkorn Richard Charles now owns 306,718 shares of the semiconductor company’s stock worth $6,585,000 after buying an additional 2,600 shares during the last quarter. US Bancorp DE grew its stake in Marvell Technology Group by 0.6% during the 4th quarter. US Bancorp DE now owns 436,306 shares of the semiconductor company’s stock worth $9,368,000 after buying an additional 2,674 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Marvell Technology Group by 8.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 46,576 shares of the semiconductor company’s stock valued at $834,000 after purchasing an additional 3,442 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Marvell Technology Group by 5.0% in the 4th quarter. Amalgamated Bank now owns 76,424 shares of the semiconductor company’s stock valued at $1,641,000 after purchasing an additional 3,660 shares during the last quarter. 91.67% of the stock is owned by institutional investors and hedge funds.
In related news, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of the company’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $23.86, for a total value of $36,076.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael G. Strachan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total transaction of $473,000.00. Following the transaction, the director now owns 19,702 shares in the company, valued at approximately $465,952.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,512 shares of company stock worth $1,236,276. 6.80% of the stock is owned by insiders.
Shares of Marvell Technology Group Ltd. (NASDAQ MRVL) traded up $0.46 during trading on Wednesday, hitting $23.40. 19,331,440 shares of the company were exchanged, compared to its average volume of 9,090,849. Marvell Technology Group Ltd. has a fifty-two week low of $14.58 and a fifty-two week high of $25.18. The firm has a market capitalization of $11,450.00, a price-to-earnings ratio of 40.49, a P/E/G ratio of 1.84 and a beta of 0.91.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. Marvell Technology Group had a net margin of 21.56% and a return on equity of 13.25%. The business had revenue of $615.40 million for the quarter, compared to analysts’ expectations of $610.99 million. During the same period in the previous year, the firm posted $0.22 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. research analysts forecast that Marvell Technology Group Ltd. will post 1.18 EPS for the current year.
Several equities analysts recently issued reports on MRVL shares. TheStreet cut Marvell Technology Group from a “b” rating to a “c+” rating in a report on Thursday, March 8th. Cowen lifted their price objective on Marvell Technology Group from $21.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, March 9th. Morgan Stanley reissued an “equal weight” rating and set a $23.00 price target (up previously from $22.00) on shares of Marvell Technology Group in a research report on Friday, March 9th. Stifel Nicolaus upped their target price on Marvell Technology Group from $19.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, March 9th. Finally, BMO Capital Markets upped their target price on Marvell Technology Group to $25.00 and gave the stock a “market perform” rating in a research report on Monday, November 27th. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Marvell Technology Group currently has a consensus rating of “Buy” and a consensus target price of $25.02.
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About Marvell Technology Group
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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