Marvell Technology Group Target of Unusually High Options Trading (MRVL)
Marvell Technology Group (NASDAQ:MRVL) was the target of unusually large options trading activity on Friday. Stock traders acquired 22,613 put options on the stock, Analyst Ratings Network.com reports. This represents an increase of 150% compared to the typical daily volume of 9,048 put options.
In other Marvell Technology Group news, VP Pantas Sutardja sold 363,200 shares of Marvell Technology Group stock on the open market in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $12.74, for a total transaction of $4,627,168.00. The sale was disclosed in a document filed with the SEC, which is available at 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 investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $12.88.
Marvell Technology Group (NASDAQ:MRVL) traded down 4.46% during mid-day trading on Monday, hitting $11.90. 4,386,587 shares of the company’s stock traded hands. Marvell Technology Group has a one year low of $6.98 and a one year high of $13.51. The stock’s 50-day moving average is $12.62 and its 200-day moving average is $11.43. The company has a market cap of $5.858 billion and a P/E ratio of 27.93.
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 earnings per share 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 1.93%. The ex-dividend date is Tuesday, September 10th.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.