Verition Fund Management LLC Takes $208,000 Position in Marvell Technology Group Ltd. (NASDAQ:MRVL)
Verition Fund Management LLC bought a new stake in Marvell Technology Group Ltd. (NASDAQ:MRVL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,943 shares of the semiconductor company’s stock, valued at approximately $208,000.
Other hedge funds also recently bought and sold shares of the company. CENTRAL TRUST Co lifted its holdings in shares of Marvell Technology Group by 70.4% in the second quarter. CENTRAL TRUST Co now owns 2,155 shares of the semiconductor company’s stock valued at $75,000 after purchasing an additional 890 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Marvell Technology Group by 21.4% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,069 shares of the semiconductor company’s stock worth $213,000 after acquiring an additional 1,069 shares during the period. AE Wealth Management LLC bought a new stake in Marvell Technology Group during the second quarter worth $1,089,000. APG Asset Management N.V. lifted its holdings in Marvell Technology Group by 32.8% during the first quarter. APG Asset Management N.V. now owns 987,111 shares of the semiconductor company’s stock worth $22,338,000 after acquiring an additional 243,800 shares during the period. Finally, Greenwood Capital Associates LLC lifted its holdings in Marvell Technology Group by 112.3% during the first quarter. Greenwood Capital Associates LLC now owns 18,212 shares of the semiconductor company’s stock worth $412,000 after acquiring an additional 9,632 shares during the period. Institutional investors own 88.51% of the company’s stock.
In related news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $39.06, for a total transaction of $195,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Andrew Micallef sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.65, for a total value of $346,500.00. Following the transaction, the chief operating officer now owns 100,621 shares of the company’s stock, valued at $3,486,517.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,507 shares of company stock valued at $1,379,526. 0.29% of the stock is owned by company insiders.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 27th. The semiconductor company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The company had revenue of $727.30 million during the quarter, compared to analysts’ expectations of $720.88 million. Marvell Technology Group had a return on equity of 3.10% and a net margin of 50.67%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share. On average, sell-side analysts predict that Marvell Technology Group Ltd. will post 0.56 EPS for the current year.
MRVL has been the topic of a number of recent analyst reports. Bank of America lifted their price target on Marvell Technology Group from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Needham & Company LLC lifted their price target on Marvell Technology Group from $34.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. They noted that the move was a valuation call. BidaskClub upgraded Marvell Technology Group from a “hold” rating to a “buy” rating in a report on Wednesday, September 2nd. Morgan Stanley lifted their price target on Marvell Technology Group from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. Finally, Craig Hallum dropped their price target on Marvell Technology Group from $37.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, May 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $39.39.
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 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.
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