Eagle Asset Management Inc. Invests $1.86 Million in Marvell Technology Group Ltd. (MRVL)
Eagle Asset Management Inc. acquired a new stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 112,830 shares of the semiconductor company’s stock, valued at approximately $1,863,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in Marvell Technology Group by 1,740.4% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,969 shares of the semiconductor company’s stock worth $122,000 after buying an additional 7,536 shares during the period. Creative Planning lifted its holdings in Marvell Technology Group by 39.8% during the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after buying an additional 2,850 shares during the period. United Capital Financial Advisers LLC acquired a new position in Marvell Technology Group during the 1st quarter worth about $165,000. Greenwood Capital Associates LLC lifted its holdings in Marvell Technology Group by 2.8% during the 1st quarter. Greenwood Capital Associates LLC now owns 13,795 shares of the semiconductor company’s stock worth $211,000 after buying an additional 380 shares during the period. Finally, First Financial Equity Corporation acquired a new position in Marvell Technology Group during the 1st quarter worth about $237,000. 76.67% of the stock is currently owned by institutional investors.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 537,235 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.80% of the stock is currently owned by company insiders.
Shares of Marvell Technology Group Ltd. (MRVL) opened at 17.37 on Tuesday. The firm’s 50-day moving average price is $16.23 and its 200-day moving average price is $16.15. Marvell Technology Group Ltd. has a one year low of $12.25 and a one year high of $18.18. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 33.66 and a beta of 1.10.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.03. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The business had revenue of $604.75 million for the quarter, compared to the consensus estimate of $600.76 million. During the same period in the prior year, the business posted $0.18 EPS. Marvell Technology Group’s revenue for the quarter was up 16.4% on a year-over-year basis. Analysts anticipate that Marvell Technology Group Ltd. will post $1.12 earnings per share for the current year.
Several research analysts have commented on MRVL shares. TheStreet raised Marvell Technology Group from a “c” rating to a “b” rating in a report on Thursday, May 25th. Zacks Investment Research raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Friday, May 26th. B. Riley reaffirmed a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Monday, May 22nd. MKM Partners reaffirmed a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a report on Tuesday, July 4th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Marvell Technology Group in a report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and an average price target of $18.93.
Marvell Technology Group Company 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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