31,056 Shares in Marvell Technology Group Ltd. (NASDAQ:MRVL) Acquired by AE Wealth Management LLC – Digitalmunition




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Published on August 16th, 2020 📆 | 1757 Views ⚑

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31,056 Shares in Marvell Technology Group Ltd. (NASDAQ:MRVL) Acquired by AE Wealth Management LLC

AE Wealth Management LLC bought a new stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 31,056 shares of the semiconductor company’s stock, valued at approximately $1,089,000.

Other hedge funds have also modified their holdings of the company. CENTRAL TRUST Co raised its holdings in Marvell Technology Group by 70.4% during the 2nd quarter. CENTRAL TRUST Co now owns 2,155 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 890 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Marvell Technology Group by 21.4% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,069 shares of the semiconductor company’s stock valued at $213,000 after acquiring an additional 1,069 shares during the period. APG Asset Management N.V. raised its holdings in Marvell Technology Group by 32.8% during the 1st quarter. APG Asset Management N.V. now owns 987,111 shares of the semiconductor company’s stock valued at $22,338,000 after acquiring an additional 243,800 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Marvell Technology Group by 6.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 935,715 shares of the semiconductor company’s stock valued at $21,175,000 after acquiring an additional 55,019 shares during the period. Finally, Greenwood Capital Associates LLC raised its holdings in Marvell Technology Group by 112.3% during the 1st quarter. Greenwood Capital Associates LLC now owns 18,212 shares of the semiconductor company’s stock valued at $412,000 after acquiring an additional 9,632 shares during the period. 91.91% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have issued reports on MRVL shares. Craig Hallum lowered their target price on shares of Marvell Technology Group from $37.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, May 29th. Cfra boosted their price target on shares of Marvell Technology Group from $27.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. boosted their price target on shares of Marvell Technology Group from $31.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Barclays boosted their price target on shares of Marvell Technology Group from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, UBS Group boosted their price target on shares of Marvell Technology Group from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $35.09.

NASDAQ MRVL opened at $33.57 on Friday. Marvell Technology Group Ltd. has a 12-month low of $16.45 and a 12-month high of $39.40. The firm has a market cap of $23.47 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 2.79 and a beta of 1.07. The company has a 50-day simple moving average of $35.89 and a two-hundred day simple moving average of $28.70. The company has a quick ratio of 1.75, a current ratio of 2.14 and a debt-to-equity ratio of 0.17.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.04. Marvell Technology Group had a net margin of 55.66% and a return on equity of 2.82%. The company had revenue of $694.00 million during the quarter, compared to the consensus estimate of $680.19 million. During the same period in the prior year, the firm earned $0.16 earnings per share. Marvell Technology Group’s revenue was up 4.8% on a year-over-year basis. Equities analysts expect that Marvell Technology Group Ltd. will post 0.57 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Monday, July 13th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Friday, July 10th. Marvell Technology Group’s payout ratio is currently 75.00%.

In other Marvell Technology Group news, EVP Mitchell Gaynor sold 16,007 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $35.13, for a total value of $562,325.91. Following the sale, the executive vice president now owns 54,701 shares in the company, valued at $1,921,646.13. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 7,500 shares of the company’s stock in a transaction dated Wednesday, July 15th. The stock was sold at an average price of $36.72, for a total transaction of $275,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,734 shares of company stock valued at $3,070,335. 0.29% of the stock is owned by insiders.

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

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