Michael G. Strachan Sells 20,000 Shares of Marvell Technology Group Ltd. (MRVL) Stock
Marvell Technology Group Ltd. (NASDAQ:MRVL) Director Michael G. Strachan sold 20,000 shares of Marvell Technology Group stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total value of $473,000.00. Following the transaction, the director now owns 19,702 shares in the company, valued at approximately $465,952.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of Marvell Technology Group Ltd. (MRVL) traded down $0.01 during trading hours on Friday, hitting $23.68. The company had a trading volume of 7,578,434 shares, compared to its average volume of 6,960,000. The firm has a market cap of $11,630.00, a P/E ratio of 41.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.12. Marvell Technology Group Ltd. has a 1 year low of $13.83 and a 1 year high of $24.22.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The company’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period last year, the company earned $0.20 EPS. equities analysts predict that Marvell Technology Group Ltd. will post 1.01 earnings per share for the current fiscal year.
MRVL has been the topic of several analyst reports. Benchmark upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $17.00 to $30.00 in a report on Monday, November 20th. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price target on the stock in a report on Tuesday, November 7th. Oppenheimer reiterated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a report on Monday, November 6th. Piper Jaffray Companies initiated coverage on Marvell Technology Group in a report on Monday, December 18th. They set an “overweight” rating and a $25.00 price target on the stock. Finally, Barclays upgraded Marvell Technology Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $20.00 to $30.00 in a report on Tuesday, November 21st. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $23.92.
Large investors have recently modified their holdings of the stock. D.A. Davidson & CO. increased its position in shares of Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 600 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Marvell Technology Group in the 3rd quarter valued at about $106,000. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group in the 3rd quarter valued at about $124,000. Boothbay Fund Management LLC acquired a new position in Marvell Technology Group in the 3rd quarter valued at about $203,000. Finally, First Quadrant L P CA acquired a new position in Marvell Technology Group in the 3rd quarter valued at about $211,000. 78.69% of the stock is owned by hedge funds and other institutional investors.
About Marvell Technology Group
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.
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