Ownership Change: Starboard Value LP Upped Marvell Technology Group LTD (MRVL) Holding by $173.20 Million; Share Price Rose

Ownership Change: Starboard Value LP Upped Marvell Technology Group LTD (MRVL) Holding by $173.20 Million; Share Price Rose

Jeffrey Smith increased its stake in Marvell Technology Group Ltd (MRVL) by 65.32% based on its latest 2016Q3 regulatory filing with the SEC. Starboard Value Lp bought 13.32 million shares as the company’s stock rose 39.24% with the market. The hedge fund run by Jeffrey Smith held 33.72M shares of the semiconductors company at the end of 2016Q3, valued at $447.48 million, up from 20.40 million at the end of the previous reported quarter. Starboard Value Lp who had been investing in Marvell Technology Group Ltd for a number of months, seems to be bullish on the $7.45 billion market cap company. The stock is down 0.55% or $0.08 hitting $14.48, despite the positive news. About 1.98M shares traded hands. Marvell Technology Group Ltd. (NASDAQ:MRVL) has risen 44.16% since June 7, 2016 and is uptrending. It has outperformed by 36.74% the S&P500.

Starboard Value Lp, which manages about $2.57 billion and $3.68B US Long portfolio, decreased its stake in Westrock Co by 2.14M shares to 3.00M shares, valued at $145.44M in 2016Q3, according to the filing. It also reduced its holding in Curtiss Wright Corp (NYSE:CW) by 150,000 shares in the quarter, leaving it with 173,600 shares, and cut its stake in Ishares Tr (Put) (IWM).

Jeffrey Smith founded Starboard Value in 2002 after obtaining a spin-off from Ramius. Starboard Value an activist hedge fund fundamentally oriented which has interest in small cap stocks Starboard Value Lp is a New York-based hedge fund that was founded by Jeffrey Smith. It had more than $2.57 billion assets under management in November, 2014. Taken from Starboard Value latest Adv, the fund reported to have 15 full and part-time employees. Among which 10 performing investment advisory and research functions. The hedge fund had between 11-25 clients.

Insitutional Activity: The institutional sentiment decreased to 1.07 in 2016 Q3. Its down 0.29, from 1.36 in 2016Q2. The ratio dived, as 40 funds sold all MRVL shares owned while 92 reduced positions. 57 funds bought stakes while 84 increased positions. They now own 363.11 million shares or 2.98% more from 352.60 million shares in 2016Q2. Clear Harbor Asset Management last reported 20,000 shares in the company. Citadel Lc holds 0.04% or 3.37 million shares in its portfolio. Blackrock Investment Lc has 275,102 shares for 0% of their US portfolio. Proshare Advsr Limited Liability has 20,543 shares for 0% of their US portfolio. Enterprise Financial Corporation accumulated 22,045 shares or 0.17% of the stock. California Pub Employees Retirement Systems has invested 0.03% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL). The Ontario – Canada-based Manufacturers Life Ins The has invested 0% in Marvell Technology Group Ltd. (NASDAQ:MRVL). Paradigm Incorporated New York last reported 90,525 shares in the company. Oak Ltd Oh has 0.31% invested in the company for 228,739 shares. Dekabank Deutsche Girozentrale last reported 0.02% of its portfolio in the stock. Ameriprise Financial owns 904,920 shares or 0.01% of their US portfolio. Blackrock accumulated 0.01% or 480,980 shares. Jefferies Grp Ltd Llc has 0.01% invested in the company for 149,980 shares. Profund Ltd holds 0.04% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 60,828 shares. Glg Prtn Ltd Partnership holds 0.1% of its portfolio in Marvell Technology Group Ltd. (NASDAQ:MRVL) for 250,000 shares.

More recent Marvell Technology Group Ltd. (NASDAQ:MRVL) news were published by: Profitconfidential.com which released: “Marvell Technology Group Ltd.: The Sky’s the Limit if MRVL Stock Does This” on January 11, 2017. Also Finance.Yahoo.com published the news titled: “Marvell Technology Group Ltd. Announces the Appointment of Tudor Brown to …” on December 13, 2016. Prnewswire.com‘s news article titled: “Marvell Showcasing its Leadership in Storing, Moving and Accessing Data at CES …” with publication date: January 05, 2017 was also an interesting one.

According to Zacks Investment Research, “Marvell Technology is a leading designer, developer and supplier of mixed-signal and digital signal processing integrated circuit for high-speed, high-density, digital data storage and broadband digital data networking markets. The company’s goal is to continue to support its customers in providing faster, better solutions to meet their customers’ needs for increased bandwidth as communication solutions evolve. The company meets this goal with state-of-the-art chip solutions that enable data transfer in data storage devices and networking applications.”

Marvell Technology Group Ltd. (NASDAQ:MRVL) Ratings Coverage

Out of 26 analysts covering Marvell Technology Group (NASDAQ:MRVL), 9 rate it a “Buy”, 4 “Sell”, while 13 “Hold”. This means 35% are positive. Marvell Technology Group has been the topic of 58 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Susquehanna maintained it with “Positive” rating and $16 target price in Friday, August 7 report. UBS maintained it with “Neutral” rating and $9.10 target price in Monday, September 14 report. The company was maintained on Tuesday, October 27 by RBC Capital Markets. The firm has “Outperform” rating by Cowen & Co given on Monday, September 14. Cowen & Co maintained the stock with “Outperform” rating in Friday, November 18 report. The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) earned “Buy” rating by Brean Capital on Tuesday, April 5. The rating was upgraded by Credit Suisse to “Outperform” on Wednesday, October 12. As per Wednesday, August 5, the company rating was upgraded by Citigroup. Morgan Stanley downgraded the stock to “Equal-Weight” rating in Monday, September 14 report. On Friday, September 11 the stock rating was downgraded by Susquehanna to “Neutral”.

MRVL Company Profile

Marvell Technology Group Ltd., incorporated on January 11, 1995, is a fabless semiconductor well-known provider of application-specific standard products. The Firm is engaged in the design, development and sale of integrated circuits. The Firm develops System-on-a-Chip (SoC) and System-in-a-Package (SiP) devices. The Company’s product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions. The Company’s products serve various applications used in carrier, metropolitan, enterprise and personal computer (PC)-client data communications, and storage systems. In addition, the Company serves the consumer electronics market for the convergence of voice, video and data applications. The Firm relies on independent, third-party contractors to perform manufacturing, assembly and test functions. The Firm offers its products to sectors, including storage, networking, and mobile and wireless.

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