Insider Selling: Marvell Technology Group VP Unloads 363,200 Shares of Stock (MRVL)
Marvell Technology Group (NASDAQ:MRVL) VP Pantas Sutardja sold 363,200 shares of Marvell Technology Group stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $12.74, for a total value of $4,627,168.00. The transaction was disclosed in a legal filing 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, September 10th. 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 equities 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 given a strong buy rating to the stock. Marvell Technology Group has an average rating of “Hold” and an average price target of $12.88.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 0.24% on Wednesday, hitting $12.70. 4,853,986 shares of the company’s stock traded hands. Marvell Technology Group has a 1-year low of $6.98 and a 1-year high of $13.51. The stock’s 50-day moving average is $12.65 and its 200-day moving average is $11.41. The company has a market cap of $6.252 billion and a price-to-earnings ratio of 28.41.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.23 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.24 earnings per share. Marvell Technology Group’s revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that Marvell Technology Group will post $0.90 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Tuesday, September 10th.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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