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%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Marvell Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.