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.
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% |
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Page 1 of 31 – SEC Filing
(Name, Address and Telephone Number of Person
