Marvell Technology Group Ltd. (NASDAQ:MRVL) EVP Dan Christman sold 64,856 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $24.97, for a total transaction of $1,619,454.32. Following the completion of the sale, the executive vice president now directly owns 1,629 shares of the company’s stock, valued at $40,676.13. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Shares of MRVL stock traded up $1.18 during trading hours on Wednesday, hitting $25.99. The company had a trading volume of 8,039,400 shares, compared to its average volume of 11,019,948. Marvell Technology Group Ltd. has a 12 month low of $14.34 and a 12 month high of $27.64. The firm has a market capitalization of $16.71 billion, a price-to-earnings ratio of 30.58, a PEG ratio of 11.72 and a beta of 1.19. The firm’s fifty day moving average is $24.97 and its 200 day moving average is $23.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.68 and a current ratio of 3.06.
Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.11. The business had revenue of $656.56 million during the quarter, compared to the consensus estimate of $650.29 million. Marvell Technology Group had a positive return on equity of 5.25% and a negative net margin of 14.42%. Marvell Technology Group’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. On average, sell-side analysts expect that Marvell Technology Group Ltd. will post 0.34 EPS for the current fiscal year.
Several research analysts have recently issued reports on the stock. Morgan Stanley set a $20.00 price objective on shares of Marvell Technology Group and gave the stock a “hold” rating in a report on Friday, August 30th. Susquehanna Bancshares set a $28.00 target price on shares of Marvell Technology Group and gave the company a “buy” rating in a research note on Friday, August 30th. Cowen set a $27.00 target price on Marvell Technology Group and gave the stock an “outperform” rating in a research report on Monday, August 26th. Barclays set a $30.00 target price on Marvell Technology Group and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research note on Sunday, September 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $26.96.
A number of large investors have recently made changes to their positions in MRVL. River & Mercantile Asset Management LLP bought a new position in shares of Marvell Technology Group during the second quarter valued at $1,527,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Marvell Technology Group by 4.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 177,909 shares of the semiconductor company’s stock valued at $4,247,000 after purchasing an additional 7,191 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Marvell Technology Group by 24.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 331,355 shares of the semiconductor company’s stock worth $7,909,000 after purchasing an additional 64,430 shares during the last quarter. Chartwell Investment Partners LLC bought a new stake in shares of Marvell Technology Group in the 2nd quarter worth about $1,641,000. Finally, Griffin Asset Management Inc. acquired a new stake in shares of Marvell Technology Group during the 2nd quarter worth about $50,000.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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