HBK Investments L P raised its position in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 17.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 692,200 shares of the semiconductor company’s stock after buying an additional 101,900 shares during the period. HBK Investments L P owned about 0.14% of Marvell Technology Group worth $14,862,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MRVL. The Manufacturers Life Insurance Company bought a new position in shares of Marvell Technology Group in the 2nd quarter worth $291,000. First Trust Advisors LP boosted its position in shares of Marvell Technology Group by 16.9% in the 3rd quarter. First Trust Advisors LP now owns 172,620 shares of the semiconductor company’s stock worth $3,090,000 after purchasing an additional 24,930 shares during the last quarter. State of Wisconsin Investment Board raised its stake in Marvell Technology Group by 26.2% during the 3rd quarter. State of Wisconsin Investment Board now owns 615,393 shares of the semiconductor company’s stock worth $11,016,000 after buying an additional 127,648 shares during the period. Jennison Associates LLC raised its stake in Marvell Technology Group by 31.5% during the 3rd quarter. Jennison Associates LLC now owns 2,919,037 shares of the semiconductor company’s stock worth $52,251,000 after buying an additional 699,719 shares during the period. Finally, Paradigm Capital Management Inc. NY raised its stake in Marvell Technology Group by 5.6% during the 3rd quarter. Paradigm Capital Management Inc. NY now owns 113,725 shares of the semiconductor company’s stock worth $2,036,000 after buying an additional 6,000 shares during the period. Hedge funds and other institutional investors own 91.67% of the company’s stock.
In related news, Director Michael G. Strachan sold 20,000 shares of Marvell Technology Group stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total transaction of $473,000.00. Following the completion of the transaction, the director now owns 19,702 shares in the company, valued at $465,952.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marvell Semiconductor, Inc. Ca sold 1,512 shares of Marvell Technology Group stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $23.86, for a total value of $36,076.32. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 8th. The semiconductor company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Marvell Technology Group had a return on equity of 13.25% and a net margin of 21.56%. The company had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $610.99 million. During the same quarter last year, the company earned $0.22 EPS. Marvell Technology Group’s revenue for the quarter was up 8.7% compared to the same quarter last year. equities analysts forecast that Marvell Technology Group Ltd. will post 1.16 earnings per share for the current year.
Several analysts recently commented on MRVL shares. Bank of America raised Marvell Technology Group from a “neutral” rating to a “buy” rating in a research note on Monday, November 20th. Cowen reaffirmed an “outperform” rating and set a $29.00 price objective (up previously from $21.00) on shares of Marvell Technology Group in a research note on Monday, November 27th. Stifel Nicolaus raised their price objective on Marvell Technology Group from $19.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, BMO Capital Markets raised their price objective on Marvell Technology Group to $25.00 and gave the stock a “market perform” rating in a research note on Monday, November 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $24.74.
ILLEGAL ACTIVITY WARNING: This news story was first reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another website, it was stolen and reposted in violation of international trademark & copyright laws. The original version of this news story can be read at https://www.americanbankingnews.com/2018/03/13/hbk-investments-l-p-purchases-101900-shares-of-marvell-technology-group-ltd-mrvl.html.
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.
Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology Group Ltd. (NASDAQ:MRVL).
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.