Marvell Technology Group VP Pantas Sutardja Unloads 376,742 Shares (MRVL)
Marvell Technology Group (NASDAQ:MRVL) VP Pantas Sutardja sold 376,742 shares of the stock on the open market in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $12.81, for a total value of $4,826,065.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
MRVL has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. upgraded shares of Marvell Technology Group (NASDAQ:MRVL) from a “neutral” rating to an “overweight” rating in a research note to investors on Tuesday. They now have a $16.00 price target on the stock, up previously from $14.00. Separately, analysts at Susquehanna raised their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $14.00 to $15.00 in a research note to investors on Friday, August 23rd. They now have a “positive” rating on the stock. Finally, analysts at FBR Capital Markets raised their price target on shares of Marvell Technology Group (NASDAQ:MRVL) from $13.00 to $14.00 in a research note to investors on Friday, August 23rd. They now have a “market perform” rating on the stock.
Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $12.88.
Marvell Technology Group (NASDAQ:MRVL) traded down 2.11% on Thursday, hitting $12.54. The stock had a trading volume of 4,533,400 shares. Marvell Technology Group has a 1-year low of $6.98 and a 1-year high of $13.51. The stock has a 50-day moving average of $12.57 and a 200-day moving average of $11.3. The company has a market cap of $6.198 billion and a P/E ratio of 28.72. Marvell Technology Group also was the target of some unusual options trading on Tuesday. Investors purchased 35,959 put options on the stock. This represents an increase of 394% compared to the typical volume of 7,286 put options.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, August 22nd. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.04. The company had revenue of $807.00 million for the quarter, compared to the consensus estimate of $791.30 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts expect that Marvell Technology Group will post $0.90 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, September 10th.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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