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Marvell Technology Group Ltd (MRVL): Starboard Value Acquires More Shares

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A freshly-amended 13D filing with the US Securities and Exchange Commission showed that Jeffrey Smith‘s Starboard Value LP has increased its stake in Marvell Technology Group Ltd (NASDAQ:MRVL), and that it currently holds 33.72 million shares, which represent 6.6% of the float. Starboard Value’s stake was raised from 20.4 million shares the fund previously owned, according to its last 13F filing (for the end of June).

Marvel Technology Group is a company that produces communications, storage, and semiconductor products. Year-to-date, the company’s stock is up by 42.52%. For the second quarter of fiscal 2017, the company reported earnings per share of $0.18, above the estimates of $0.11, and revenue of $626 million, below the estimates of $630 million.

Moreover, there has been a lot of analysts activity on  Marvel Technology Group’s stock lately. Among them, B. Riley has reaffirmed its ‘Buy’ rating on the stock, with a price target of $16, while Oppenheimer has reiterated its ‘Market Perform’ rating  and MKM Partners reiterated its ‘Neutral’ rating on the stock.

 

Jeff Smith

The number of hedge funds from Insider Monkey’s database long Marvell Technology Group (NASDAQ:MRVL) increased by 7 recently, and at the end of June, 38 investors were bullish on the stock. Those investors included Richard Barrera’s Roystone Capital Partners, with a position valued at $42.75 million, Jim Simons’ Renaissance Technologies, which held a position worth around $17.39 million, Ken Hahn’s Quentec Asset Management, Paul Marshall And Ian Wace’s Marshall Wace LLP, and Benjamin A. Smith’s Laurion Capital Management.

Among the new investors in Marvell Technology Group (NASDAQ:MRVL) during the June quarter, were Curtis Macnguyen’s Ivory Capital (Investment Mgmt), which acquired a position worth around $76.9 million, Didric Cederholm’s Lion Point, which had $19.06 million invested in the company, Spencer M. Waxman’s Shannon River Fund Management, Leon Shaulov’s Maplelane Capital, and Manoneet Singh’s Kavi Asset Management.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 33,720,786 33,720,786 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 13,495,491 33,720,786 13,495,491 33,720,786 13,495,491 2.6%
STARBOARD VALUE AND OPPORTUNITY S 1,588,369 33,720,786 1,588,369 33,720,786 1,588,369 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 877,932 877,932 877,932 Less than 1%
STARBOARD VALUE R 877,932 877,932 877,932 Less than 1%
STARBOARD VALUE R GP 877,932 877,932 877,932 Less than 1%
STARBOARD LEADERS JULIET 9,310,245 9,310,245 9,310,245 1.8%
STARBOARD LEADERS FUND 9,310,245 9,310,245 9,310,245 1.8%
STARBOARD LEADERS SELECT II 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD LEADERS SELECT II GP 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD LEADERS SELECT FUND 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD T FUND 2,883,842 2,883,842 2,883,842 Less than 1%
STARBOARD VALUE A 15,986,388 15,986,388 15,986,388 3.1%
STARBOARD VALUE A GP 15,986,388 15,986,388 15,986,388 3.1%
STARBOARD VALUE GP 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD PRINCIPAL CO 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD PRINCIPAL CO GP 33,720,786 33,720,786 33,720,786 6.6%
JEFFREY C. SMITH 3,246 3,246 33,720,786 6.6%
MARK R. MITCHELL 33,720,786 6.6%
PETER A. FELD 33,724,032 6.6%

Jeffrey Smith
Jeffrey Smith
Starboard Value LP

Page 1 of 31 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 2)1
Marvell Technology Group Ltd.
(Name of Issuer)
Common Stock, $0.002 par value per share
(Title of Class of Securities)
G5876H105
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
September 13, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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