$611.65 Million in Sales Expected for Marvell Technology Group Ltd. (MRVL) This Quarter

Equities research analysts expect Marvell Technology Group Ltd. (NASDAQ:MRVL) to announce $611.65 million in sales for the current fiscal quarter, Zacks reports. Nine analysts have provided estimates for Marvell Technology Group’s earnings, with the lowest sales estimate coming in at $610.00 million and the highest estimate coming in at $620.29 million. Marvell Technology Group posted sales of $571.40 million in the same quarter last year, which suggests a positive year over year growth rate of 7%. The company is scheduled to issue its next quarterly earnings report on Thursday, March 1st.

According to Zacks, analysts expect that Marvell Technology Group will report full-year sales of $611.65 million for the current fiscal year, with estimates ranging from $2.40 billion to $2.42 billion. For the next financial year, analysts anticipate that the business will report sales of $2.50 billion per share, with estimates ranging from $2.46 billion to $2.58 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $613.49 million. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 EPS.

Several analysts recently issued reports on the company. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 price target for the company in a research note on Tuesday, November 7th. B. Riley restated a “buy” rating and issued a $24.00 price target on shares of Marvell Technology Group in a research note on Monday, November 20th. Benchmark upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $17.00 to $30.00 in a research note on Monday, November 20th. Zacks Investment Research upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday, November 21st. Finally, Piper Jaffray Companies assumed coverage on Marvell Technology Group in a research note on Monday, December 18th. They issued an “overweight” rating and a $25.00 price target for the company. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group presently has an average rating of “Buy” and an average price target of $23.92.

In other Marvell Technology Group news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total value of $208,014.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael G. Strachan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $23.65, for a total value of $473,000.00. Following the completion of the transaction, the director now directly owns 19,702 shares of the company’s stock, valued at approximately $465,952.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,324 shares of company stock valued at $717,091. Insiders own 6.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new position in Marvell Technology Group in the 3rd quarter worth about $106,000. D.A. Davidson & CO. grew its position in shares of Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 600 shares during the last quarter. Massey Quick Simon & CO. LLC bought a new stake in shares of Marvell Technology Group in the 3rd quarter valued at about $124,000. First Personal Financial Services bought a new stake in shares of Marvell Technology Group in the 4th quarter valued at about $212,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Marvell Technology Group in the 3rd quarter valued at about $203,000. 78.92% of the stock is owned by institutional investors and hedge funds.

Shares of Marvell Technology Group (MRVL) traded down $1.08 during midday trading on Wednesday, hitting $21.35. The stock had a trading volume of 9,354,603 shares, compared to its average volume of 7,420,000. The company has a market cap of $10,490.00, a P/E ratio of 37.46, a P/E/G ratio of 1.18 and a beta of 0.95. Marvell Technology Group has a one year low of $14.58 and a one year high of $24.22.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Wednesday, December 27th were issued a $0.06 dividend. The ex-dividend date was Tuesday, December 26th. This represents a $0.24 dividend on an annualized basis and a yield of 1.12%. Marvell Technology Group’s payout ratio is presently 42.11%.

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

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