Investors Buy Large Volume of Marvell Technology Group Put Options (MRVL)

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Marvell Technology Group Ltd. (NASDAQ:MRVL) was the target of some unusual options trading activity on Thursday. Stock investors acquired 69,002 put options on the stock. This represents an increase of 8,274% compared to the average volume of 824 put options.

Several analysts have recently weighed in on MRVL shares. Zacks Investment Research upgraded shares of Marvell Technology Group from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, June 5th. BMO Capital Markets reiterated a “hold” rating and set a $24.00 target price on shares of Marvell Technology Group in a research report on Friday. UBS Group decreased their target price on shares of Marvell Technology Group from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, July 6th. Argus reiterated a “buy” rating and set a $28.00 target price on shares of Marvell Technology Group in a research report on Friday, June 29th. Finally, Evercore ISI started coverage on shares of Marvell Technology Group in a research report on Tuesday, June 26th. They set an “outperform” rating and a $27.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. Marvell Technology Group currently has an average rating of “Buy” and an average target price of $26.10.

In other news, insider Marvell Semiconductor, Inc. Ca sold 1,755 shares of Marvell Technology Group stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $21.55, for a total transaction of $37,820.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 10,000 shares of Marvell Technology Group stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $21.33, for a total transaction of $213,300.00. Following the sale, the chief executive officer now owns 1,755 shares in the company, valued at $37,434.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,755 shares of company stock worth $669,020. 0.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Wells Fargo & Company MN raised its stake in shares of Marvell Technology Group by 12.7% in the first quarter. Wells Fargo & Company MN now owns 677,940 shares of the semiconductor company’s stock worth $14,236,000 after acquiring an additional 76,647 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Marvell Technology Group in the first quarter worth about $409,000. Comerica Bank raised its stake in shares of Marvell Technology Group by 9.7% in the first quarter. Comerica Bank now owns 466,757 shares of the semiconductor company’s stock worth $9,821,000 after acquiring an additional 41,325 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of Marvell Technology Group by 1,365.9% in the first quarter. Meeder Asset Management Inc. now owns 33,071 shares of the semiconductor company’s stock worth $695,000 after acquiring an additional 30,815 shares during the last quarter. Finally, Bank of Hawaii bought a new position in shares of Marvell Technology Group in the first quarter worth about $237,000.

Shares of MRVL stock opened at $19.45 on Friday. Marvell Technology Group has a 12-month low of $17.20 and a 12-month high of $25.18. The stock has a market cap of $10.27 billion, a P/E ratio of 18.65, a PEG ratio of 1.51 and a beta of 0.91.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). Marvell Technology Group had a net margin of 22.24% and a return on equity of 13.84%. The firm had revenue of $665.31 million for the quarter, compared to the consensus estimate of $685.00 million. During the same period in the prior year, the business earned $0.30 earnings per share. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. equities analysts predict that Marvell Technology Group will post 1.19 earnings per share for the current fiscal year.

Marvell Technology Group Company Profile

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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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