Wells Fargo & Company MN Sells 171,708 Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL)

Wells Fargo & Company MN lowered its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,050,202 shares of the semiconductor company’s stock after selling 171,708 shares during the quarter. Wells Fargo & Company MN owned about 0.61% of Marvell Technology Group worth $80,559,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Marvell Technology Group by 48.1% in the 4th quarter. FMR LLC now owns 80,824,523 shares of the semiconductor company’s stock valued at $1,308,549,000 after acquiring an additional 26,251,979 shares during the last quarter. Vanguard Group Inc raised its position in Marvell Technology Group by 45.0% during the 3rd 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 during the last quarter. BlackRock Inc. raised its position in Marvell Technology Group by 29.1% during the 1st 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 during the last quarter. Morgan Stanley raised its position in Marvell Technology Group by 837.0% during the 3rd quarter. Morgan Stanley now owns 6,592,139 shares of the semiconductor company’s stock worth $127,230,000 after purchasing an additional 5,888,609 shares during the last quarter. Finally, Norges Bank bought a new position in Marvell Technology Group during the 4th quarter worth $90,449,000.

MRVL stock traded down $0.02 during mid-day trading on Friday, reaching $23.87. 14,471,800 shares of the company traded hands, compared to its average volume of 12,050,771. The firm has a market cap of $15.68 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 7.52 and a beta of 1.17. 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 Ltd. has a fifty-two week low of $14.34 and a fifty-two week high of $25.74. The company has a 50 day simple moving average of $23.21.

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

In related news, CAO Willem A. Meintjes sold 28,057 shares of Marvell Technology Group stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total value of $682,346.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mitchell Gaynor sold 10,000 shares of Marvell Technology Group stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $23.64, for a total transaction of $236,400.00. Following the completion of the sale, the executive vice president now directly owns 25,576 shares in the company, valued at approximately $604,616.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,057 shares of company stock worth $1,395,446. Insiders own 1.10% of the company’s stock.

Several research analysts recently issued reports on the company. Wells Fargo & Co assumed coverage on Marvell Technology Group in a research report on Tuesday, May 14th. They set a “market perform” rating and a $24.00 target price for the company. UBS Group raised their target price on Marvell Technology Group from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. ValuEngine raised Marvell Technology Group from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. B. Riley lowered their price objective on Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Finally, BidaskClub raised Marvell Technology Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Marvell Technology Group has an average rating of “Buy” and an average price target of $25.98.

Marvell Technology Group Company 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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