Crosslink Capital Inc. Reduces Position in Marvell Technology Group Ltd. (NASDAQ:MRVL)

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Crosslink Capital Inc. cut its stake in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) by 19.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 388,476 shares of the semiconductor company’s stock after selling 92,040 shares during the quarter. Marvell Technology Group accounts for about 2.1% of Crosslink Capital Inc.’s investment portfolio, making the stock its 16th biggest holding. Crosslink Capital Inc.’s holdings in Marvell Technology Group were worth $9,273,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC grew its holdings in shares of Marvell Technology Group by 7.8% during the first quarter. Jennison Associates LLC now owns 7,375,792 shares of the semiconductor company’s stock valued at $146,705,000 after buying an additional 533,146 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Marvell Technology Group by 190.1% in the second quarter. Daiwa Securities Group Inc. now owns 66,791 shares of the semiconductor company’s stock valued at $1,595,000 after purchasing an additional 43,767 shares during the last quarter. Signaturefd LLC boosted its holdings in Marvell Technology Group by 27.2% in the second quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 397 shares during the last quarter. Argent Capital Management LLC boosted its holdings in Marvell Technology Group by 1.4% in the first quarter. Argent Capital Management LLC now owns 5,030,539 shares of the semiconductor company’s stock valued at $100,057,000 after purchasing an additional 68,612 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in Marvell Technology Group by 16.1% in the second quarter. Aperio Group LLC now owns 165,390 shares of the semiconductor company’s stock valued at $3,948,000 after purchasing an additional 22,993 shares during the last quarter.

In related news, Director Michael G. Strachan sold 10,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $23.78, for a total transaction of $237,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dan Christman sold 64,856 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $24.97, for a total transaction of $1,619,454.32. Following the transaction, the executive vice president now owns 1,629 shares of the company’s stock, valued at approximately $40,676.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 447,913 shares of company stock valued at $11,372,351. Insiders own 1.10% of the company’s stock.

Several research firms have commented on MRVL. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target on shares of Marvell Technology Group in a report on Sunday, September 1st. Barclays set a $30.00 price target on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Friday, August 30th. Zacks Investment Research lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating and set a $29.00 price target on the stock. in a report on Thursday, July 25th. B. Riley set a $28.00 price target on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Monday, August 26th. Finally, Bank of America set a $28.00 price target on shares of 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 given a hold rating and twenty-two have issued a buy rating to the company. Marvell Technology Group has a consensus rating of “Buy” and a consensus target price of $26.96.

Shares of MRVL traded down $0.03 during mid-day trading on Friday, hitting $25.94. 33,670 shares of the company were exchanged, compared to its average volume of 7,724,842. Marvell Technology Group Ltd. has a 1-year low of $14.34 and a 1-year high of $27.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06. The company has a 50 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 30.54, a price-to-earnings-growth ratio of 11.63 and a beta of 1.19.

Marvell Technology Group (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.11. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The firm had revenue of $656.56 million during the quarter, compared to the consensus estimate of $650.29 million. During the same quarter in the prior year, the firm earned $0.28 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. Research analysts anticipate that Marvell Technology Group Ltd. will post 0.34 earnings per share for the current fiscal year.

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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