Quadrature Capital Ltd lessened its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 24.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,114 shares of the semiconductor company’s stock after selling 10,936 shares during the quarter. Quadrature Capital Ltd’s holdings in Marvell Technology Group were worth $1,161,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. CENTRAL TRUST Co raised its holdings in shares of Marvell Technology Group by 70.4% during the second quarter. CENTRAL TRUST Co now owns 2,155 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 890 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in Marvell Technology Group by 21.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,069 shares of the semiconductor company’s stock worth $213,000 after purchasing an additional 1,069 shares during the period. AE Wealth Management LLC purchased a new stake in Marvell Technology Group in the second quarter worth $1,089,000. APG Asset Management N.V. grew its stake in Marvell Technology Group by 32.8% in the first quarter. APG Asset Management N.V. now owns 987,111 shares of the semiconductor company’s stock worth $22,338,000 after purchasing an additional 243,800 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its stake in Marvell Technology Group by 6.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 935,715 shares of the semiconductor company’s stock worth $21,175,000 after purchasing an additional 55,019 shares during the period. Institutional investors own 88.51% of the company’s stock.
Shares of MRVL traded down $0.96 during midday trading on Friday, hitting $37.36. The stock had a trading volume of 10,028,819 shares, compared to its average volume of 8,910,087. Marvell Technology Group Ltd. has a 1 year low of $16.45 and a 1 year high of $41.34. The firm has a market cap of $25.04 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 3.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.33 and a quick ratio of 1.75. The stock’s 50 day moving average is $35.86 and its 200 day moving average is $29.81.
Marvell Technology Group (NASDAQ:MRVL) last announced its 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. Marvell Technology Group had a net margin of 50.67% and a return on equity of 3.10%. The business had revenue of $727.30 million for the quarter, compared to the consensus estimate of $720.88 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology Group Ltd. will post 0.56 earnings per share for the current fiscal year.
MRVL has been the topic of several recent research reports. Barclays upped their price target on Marvell Technology Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, August 28th. Rosenblatt Securities reissued a “buy” rating and issued a $50.00 target price (up from $42.00) on shares of Marvell Technology Group in a research note on Friday, August 28th. Needham & Company LLC increased their target price on Marvell Technology Group from $34.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. They noted that the move was a valuation call. Piper Sandler increased their target price on Marvell Technology Group from $35.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Finally, Susquehanna Bancshares reissued a “buy” rating and issued a $36.00 target price on shares of Marvell Technology Group in a research note on Friday, May 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty have issued a buy rating to the stock. Marvell Technology Group has a consensus rating of “Buy” and a consensus target price of $39.39.
In other Marvell Technology Group news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $39.06, for a total value of $195,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mitchell Gaynor sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.09, for a total transaction of $1,052,700.00. In the last three months, insiders sold 68,507 shares of company stock worth $2,432,226. Insiders own 0.29% of the company’s stock.
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.
Further Reading: How accurate is the Rule of 72?
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.