Oppenheimer Asset Management Inc. cut its holdings in Marvell Technology Group Ltd. (NASDAQ:MRVL) by 77.8% in the second quarter, Holdings Channel reports. The institutional investor owned 9,801 shares of the semiconductor company’s stock after selling 34,261 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Marvell Technology Group were worth $234,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Capital Investment Advisory Services LLC purchased a new stake in shares of Marvell Technology Group during the second quarter worth approximately $31,000. Patriot Financial Group Insurance Agency LLC increased its position in shares of Marvell Technology Group by 198.2% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,807 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 1,201 shares in the last quarter. Signaturefd LLC increased its position in shares of Marvell Technology Group by 27.2% during the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 397 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in shares of Marvell Technology Group during the second quarter worth approximately $48,000. Finally, YorkBridge Wealth Partners LLC purchased a new stake in shares of Marvell Technology Group during the first quarter worth approximately $68,000.
In related news, CEO Matthew J. Murphy sold 265,000 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $26.02, for a total transaction of $6,895,300.00. Following the transaction, the chief executive officer now owns 1,755 shares of the company’s stock, valued at approximately $45,665.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Willem A. Meintjes sold 28,057 shares of the stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $24.32, for a total value of $682,346.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 447,913 shares of company stock worth $11,372,351. 1.10% of the stock is owned by corporate insiders.
Shares of Marvell Technology Group stock traded up $0.08 during trading hours on Friday, hitting $26.05. The company’s stock had a trading volume of 99,299 shares, compared to its average volume of 7,724,842. Marvell Technology Group Ltd. has a twelve month low of $14.34 and a twelve month high of $27.64. The firm has a fifty day moving average of $24.96 and a 200-day moving average of $23.32. The stock has a market cap of $16.55 billion, a price-to-earnings ratio of 30.61, a P/E/G ratio of 11.63 and a beta of 1.19. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.11. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. The firm had revenue of $656.56 million for the quarter, compared to analyst estimates of $650.29 million. During the same quarter in the prior year, the company earned $0.28 EPS. Marvell Technology Group’s revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology Group Ltd. will post 0.34 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. TheStreet cut Marvell Technology Group from a “b-” rating to a “c+” rating in a report on Wednesday, September 4th. B. Riley set a $28.00 target price on Marvell Technology Group and gave the company a “buy” rating in a report on Monday, August 26th. William Blair assumed coverage on Marvell Technology Group in a report on Monday, July 15th. They issued an “outperform” rating and a $25.40 target price for the company. Cowen set a $27.00 target price on Marvell Technology Group and gave the company an “outperform” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. set a $27.00 target price on Marvell Technology Group and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $26.96.
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 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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