Westfield Capital Management Co. LP Boosts Holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL)

Westfield Capital Management Co. LP boosted its holdings in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 23.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,644,464 shares of the semiconductor company’s stock after acquiring an additional 510,639 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Marvell Technology Group were worth $52,598,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Oribel Capital Management LP bought a new stake in Marvell Technology Group during the 1st quarter valued at $2,838,000. Andra AP fonden bought a new stake in Marvell Technology Group during the 1st quarter valued at $2,084,000. Westwood Holdings Group Inc. bought a new stake in Marvell Technology Group during the 1st quarter valued at $3,982,000. Gagnon Securities LLC bought a new stake in Marvell Technology Group during the 1st quarter valued at $250,000. Finally, Tyers Asset Management LLC bought a new stake in Marvell Technology Group during the 1st quarter valued at $53,000.

A number of brokerages have commented on MRVL. Zacks Investment Research upgraded shares of Marvell Technology Group from a “sell” rating to a “hold” rating and set a $25.00 price target for the company in a research note on Monday. Needham & Company LLC restated a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research note on Sunday, June 2nd. B. Riley reduced their target price on shares of Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Morgan Stanley upped their target price on shares of Marvell Technology Group from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, May 31st. Finally, Citigroup reduced their target price on shares of Marvell Technology Group from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Five analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $25.83.

Shares of NASDAQ MRVL traded down $0.45 during trading on Friday, hitting $23.81. The stock had a trading volume of 293,393 shares, compared to its average volume of 11,551,054. Marvell Technology Group Ltd. has a 12 month low of $14.34 and a 12 month high of $25.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market cap of $15.66 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 7.65 and a beta of 1.17.

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

In related news, EVP Mitchell Gaynor sold 10,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the transaction, the executive vice president now owns 25,576 shares in the company, valued at $604,616.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

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

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