Nokota Management LP raised its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 827,552 shares of the semiconductor company’s stock after purchasing an additional 27,593 shares during the quarter. Nokota Management LP’s holdings in Marvell Technology Group were worth $15,972,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of MRVL. FMR LLC raised its position in shares of Marvell Technology Group by 5.1% in the second quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock worth $1,196,128,000 after acquiring an additional 2,685,377 shares during the period. BlackRock Inc. raised its position in shares of Marvell Technology Group by 1.5% in the second quarter. BlackRock Inc. now owns 24,191,921 shares of the semiconductor company’s stock worth $518,672,000 after acquiring an additional 358,921 shares during the period. Swiss National Bank raised its position in shares of Marvell Technology Group by 17.0% in the second quarter. Swiss National Bank now owns 1,474,872 shares of the semiconductor company’s stock worth $31,621,000 after acquiring an additional 214,300 shares during the period. Jennison Associates LLC raised its position in shares of Marvell Technology Group by 47.4% in the third quarter. Jennison Associates LLC now owns 7,611,736 shares of the semiconductor company’s stock worth $146,907,000 after acquiring an additional 2,449,407 shares during the period. Finally, Stevens Capital Management LP acquired a new position in shares of Marvell Technology Group in the second quarter worth about $1,608,000. 95.31% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on MRVL shares. TheStreet downgraded shares of Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. BidaskClub downgraded shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 27th. Zacks Investment Research restated a “buy” rating and set a $19.00 price target on shares of Marvell Technology Group in a research report on Wednesday, November 14th. Rosenblatt Securities restated a “buy” rating and set a $27.00 price target on shares of Marvell Technology Group in a research report on Sunday, September 9th. Finally, Goldman Sachs Group assumed coverage on shares of Marvell Technology Group in a research report on Tuesday, September 18th. They set a “buy” rating and a $23.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the stock. Marvell Technology Group has a consensus rating of “Buy” and a consensus target price of $25.32.
Marvell Technology Group (NASDAQ:MRVL) last released 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 company had revenue of $665.31 million for the quarter, compared to analyst estimates of $685.00 million. During the same quarter last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology Group Ltd. will post 0.86 earnings per share for the current fiscal year.
Marvell Technology Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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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