Fmr LLC Has $1.05 Billion Holdings in Marvell Technology Group Ltd. (MRVL)

Fmr LLC lowered its position in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,572,544 shares of the semiconductor company’s stock after selling 1,217,022 shares during the quarter. Fmr LLC owned 8.29% of Marvell Technology Group worth $1,053,250,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Marvell Technology Group during the second quarter valued at approximately $117,000. MUFG Americas Holdings Corp purchased a new position in Marvell Technology Group during the second quarter valued at approximately $120,000. Cerebellum GP LLC purchased a new position in Marvell Technology Group during the third quarter valued at approximately $183,000. Commonwealth Bank of Australia lifted its holdings in Marvell Technology Group by 1,142.9% during the second quarter. Commonwealth Bank of Australia now owns 8,700 shares of the semiconductor company’s stock valued at $185,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Marvell Technology Group during the third quarter valued at approximately $203,000. 90.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of MRVL opened at $15.65 on Friday. Marvell Technology Group Ltd. has a fifty-two week low of $14.69 and a fifty-two week high of $25.18. The firm has a market capitalization of $10.32 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09. The company has a current ratio of 2.54, a quick ratio of 1.76 and a debt-to-equity ratio of 0.25.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a return on equity of 10.70% and a net margin of 15.36%. The business had revenue of $665.31 million during the quarter, compared to the consensus estimate of $685.00 million. During the same quarter in the prior year, the firm posted $0.30 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts anticipate that Marvell Technology Group Ltd. will post 0.86 EPS for the current year.

Marvell Technology Group declared that its board has authorized a share buyback plan on Tuesday, October 16th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

In related news, CEO Matthew J. Murphy sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $20.64, for a total value of $206,400.00. Following the sale, the chief executive officer now owns 1,755 shares in the company, valued at $36,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.10% of the company’s stock.

MRVL has been the topic of several analyst reports. ValuEngine downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday. BidaskClub downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. BMO Capital Markets raised shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and set a $24.00 target price on the stock in a report on Monday, October 15th. Rosenblatt Securities reissued a “buy” rating and issued a $27.00 target price on shares of Marvell Technology Group in a report on Sunday, September 9th. Finally, Goldman Sachs Group set a $23.00 target price on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Wednesday, October 17th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $25.41.

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About Marvell Technology Group

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

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