Oppenheimer Equities Analysts Boost Earnings Estimates for Marvell Technology Group Ltd. (MRVL)

Marvell Technology Group Ltd. (NASDAQ:MRVL) – Oppenheimer increased their Q3 2019 EPS estimates for shares of Marvell Technology Group in a report released on Wednesday. Oppenheimer analyst R. Schafer now forecasts that the semiconductor company will post earnings per share of $0.32 for the quarter, up from their previous forecast of $0.30. Oppenheimer has a “Buy” rating and a $30.00 price objective on the stock. Oppenheimer also issued estimates for Marvell Technology Group’s Q4 2019 earnings at $0.31 EPS and FY2019 earnings at $1.18 EPS.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The firm had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. Marvell Technology Group had a return on equity of 11.99% and a net margin of 16.53%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS.

Several other analysts have also recently weighed in on MRVL. BidaskClub raised Marvell Technology Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th. Cowen reaffirmed a “buy” rating and issued a $21.00 price target on shares of Marvell Technology Group in a research note on Monday, August 21st. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a research note on Monday, August 21st. Credit Suisse Group reaffirmed a “buy” rating on shares of Marvell Technology Group in a research note on Wednesday, August 23rd. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $18.50 price target (down from $19.00) on shares of Marvell Technology Group in a research note on Thursday, August 24th. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus price target of $23.48.

Shares of Marvell Technology Group (NASDAQ:MRVL) traded down $0.15 during trading hours on Monday, reaching $21.82. The company’s stock had a trading volume of 6,344,550 shares, compared to its average volume of 6,832,648. The company has a market cap of $10,953.76, a PE ratio of 23.98, a P/E/G ratio of 1.35 and a beta of 1.13. Marvell Technology Group has a 12-month low of $13.83 and a 12-month high of $24.22.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Marvell Technology Group by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 32,190,297 shares of the semiconductor company’s stock worth $531,785,000 after acquiring an additional 290,339 shares during the last quarter. Boston Partners boosted its position in Marvell Technology Group by 51.4% during the 3rd quarter. Boston Partners now owns 12,205,587 shares of the semiconductor company’s stock worth $218,480,000 after acquiring an additional 4,143,929 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Marvell Technology Group by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,581,295 shares of the semiconductor company’s stock worth $172,175,000 after acquiring an additional 830,797 shares during the last quarter. Contour Asset Management LLC boosted its position in Marvell Technology Group by 11.5% during the 2nd quarter. Contour Asset Management LLC now owns 9,192,978 shares of the semiconductor company’s stock worth $151,868,000 after acquiring an additional 944,622 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Marvell Technology Group by 2.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 8,901,332 shares of the semiconductor company’s stock worth $147,050,000 after acquiring an additional 195,985 shares during the last quarter. 78.84% of the stock is owned by hedge funds and other institutional investors.

In related news, major shareholder Sehat Sutardja sold 1,042,343 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $17.46, for a total value of $18,199,308.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $21.20, for a total value of $208,014.40. The disclosure for this sale can be found here. Insiders sold a total of 17,147,425 shares of company stock valued at $313,545,970 over the last quarter. 6.80% of the stock is owned by insiders.

COPYRIGHT VIOLATION NOTICE: “Oppenheimer Equities Analysts Boost Earnings Estimates for Marvell Technology Group Ltd. (MRVL)” was posted by Stock Observer and is the property of of Stock Observer. If you are accessing this piece of content on another site, it was stolen and republished in violation of US and international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.thestockobserver.com/2017/12/06/oppenheimer-equities-analysts-boost-earnings-estimates-for-marvell-technology-group-ltd-mrvl.html.

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.

Earnings History and Estimates for Marvell Technology Group (NASDAQ:MRVL)

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.

Leave a Reply