Marvell Technology Group Ltd. (MRVL) Major Shareholder Sells $7,500,328.48 in Stock
Marvell Technology Group Ltd. (NASDAQ:MRVL) major shareholder Sehat Sutardja sold 420,422 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded down 0.80% on Thursday, hitting $17.47. 3,584,408 shares of the stock traded hands. Marvell Technology Group Ltd. has a 1-year low of $12.03 and a 1-year high of $18.18. The stock has a market cap of $8.75 billion, a PE ratio of 33.86 and a beta of 1.10. The stock has a 50 day moving average of $16.18 and a 200-day moving average of $16.13.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The company had revenue of $604.75 million during the quarter, compared to the consensus estimate of $600.76 million. During the same quarter in the previous year, the company earned $0.18 earnings per share. The business’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts expect that Marvell Technology Group Ltd. will post $1.12 EPS for the current year.
ILLEGAL ACTIVITY WARNING: This article was first published by American Banking News and is owned by of American Banking News. If you are reading this article on another website, it was illegally stolen and reposted in violation of international trademark & copyright laws. The legal version of this article can be accessed at https://www.americanbankingnews.com/2017/09/07/marvell-technology-group-ltd-mrvl-major-shareholder-sells-7500328-48-in-stock.html.
A number of hedge funds have recently made changes to their positions in MRVL. BlackRock Inc. boosted its holdings in Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after acquiring an additional 23,727,243 shares during the last quarter. Boston Partners bought a new stake in Marvell Technology Group in the second quarter valued at approximately $133,179,000. UBS Asset Management Americas Inc. boosted its holdings in Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after acquiring an additional 3,613,160 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in Marvell Technology Group in the first quarter valued at approximately $42,491,000. Finally, Renaissance Technologies LLC boosted its holdings in Marvell Technology Group by 239.6% in the second quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock valued at $64,199,000 after acquiring an additional 2,741,914 shares during the last quarter. Institutional investors and hedge funds own 75.63% of the company’s stock.
A number of brokerages have recently issued reports on MRVL. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Marvell Technology Group in a research note on Friday, June 2nd. Needham & Company LLC restated a “buy” rating and issued a $21.00 price objective on shares of Marvell Technology Group in a research note on Thursday, August 24th. BidaskClub upgraded shares of Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, KeyCorp increased their price objective on shares of Marvell Technology Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Marvell Technology Group has an average rating of “Buy” and a consensus target price of $18.93.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. is a semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution.
Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.