Marvell Technology Group Ltd. (NASDAQ:MRVL) Position Lifted by Weitz Investment Management Inc.

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Weitz Investment Management Inc. increased its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 1.9% during the first quarter, HoldingsChannel.com reports. The fund owned 1,675,300 shares of the semiconductor company’s stock after buying an additional 31,300 shares during the period. Marvell Technology Group comprises approximately 1.4% of Weitz Investment Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Weitz Investment Management Inc.’s holdings in Marvell Technology Group were worth $33,322,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its position in Marvell Technology Group by 48.1% during the fourth quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock worth $1,308,549,000 after purchasing an additional 26,251,979 shares in the last quarter. Vanguard Group Inc boosted its position in Marvell Technology Group by 45.0% during the third quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock worth $1,027,321,000 after purchasing an additional 16,517,490 shares in the last quarter. BlackRock Inc. boosted its position in Marvell Technology Group by 29.1% during the first quarter. BlackRock Inc. now owns 46,081,466 shares of the semiconductor company’s stock worth $916,559,000 after purchasing an additional 10,388,875 shares in the last quarter. FIL Ltd boosted its position in Marvell Technology Group by 117.7% during the first quarter. FIL Ltd now owns 10,543,241 shares of the semiconductor company’s stock worth $209,705,000 after purchasing an additional 5,700,711 shares in the last quarter. Finally, Norges Bank purchased a new stake in Marvell Technology Group during the fourth quarter worth $90,449,000.

MRVL has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Marvell Technology Group from a “sell” rating to a “hold” rating and set a $25.00 target price on the stock in a research report on Monday. Citigroup decreased their target price on Marvell Technology Group from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. MKM Partners upped their price objective on Marvell Technology Group from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, May 31st. BMO Capital Markets restated a “buy” rating and issued a $22.00 price objective on shares of Marvell Technology Group in a research report on Thursday, February 14th. Finally, Macquarie upgraded Marvell Technology Group from a “neutral” rating to an “outperform” rating and set a $24.00 price objective on the stock in a research report on Tuesday, February 19th. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and an average price target of $25.83.

In related news, EVP Mitchell Gaynor sold 10,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $23.64, for a total value of $236,400.00. Following the completion of the transaction, the executive vice president now directly owns 25,576 shares in the company, valued at $604,616.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Marvell Technology Group stock traded down $0.46 during trading on Friday, hitting $23.80. The company’s stock had a trading volume of 300,785 shares, compared to its average volume of 11,551,054. The firm has a market capitalization of $15.66 billion, a P/E ratio of 28.02, a PEG ratio of 7.65 and a beta of 1.17. Marvell Technology Group Ltd. has a 1-year low of $14.34 and a 1-year high of $25.74. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23.

Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The firm had revenue of $662.00 million during the quarter, compared to analyst estimates of $651.07 million. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. As a group, equities analysts predict that Marvell Technology Group Ltd. will post 0.43 EPS for the current year.

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Marvell Technology Group Profile

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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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).

Institutional Ownership by Quarter for Marvell Technology Group (NASDAQ:MRVL)

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