Marvell Technology Group Ltd. (NASDAQ:MRVL) – Analysts at Jefferies Group boosted their Q3 2018 earnings per share estimates for shares of Marvell Technology Group in a research report issued to clients and investors on Monday, Zacks Investment Research reports. Jefferies Group analyst M. Lipacis now forecasts that the semiconductor company will post earnings per share of $0.29 for the quarter, up from their previous estimate of $0.28. Jefferies Group has a “Buy” rating and a $18.50 price target on the stock. Jefferies Group also issued estimates for Marvell Technology Group’s FY2018 earnings at $0.98 EPS, Q3 2019 earnings at $0.30 EPS and FY2019 earnings at $1.09 EPS.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Marvell Technology Group had a return on equity of 11.93% and a net margin of 16.53%. The company had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same period in the prior year, the firm posted $0.20 EPS. The business’s revenue was down 5.8% compared to the same quarter last year.
Several other analysts also recently issued reports on the company. B. Riley reiterated a “buy” rating and set a $23.00 price target on shares of Marvell Technology Group in a research note on Friday, September 1st. Stifel Nicolaus upped their price target on Marvell Technology Group from $16.00 to $19.00 and gave the stock a “hold” rating in a research note on Wednesday, November 29th. Needham & Company LLC upped their price target on Marvell Technology Group from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 29th. BidaskClub upgraded Marvell Technology Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, Loop Capital reiterated a “buy” rating and set a $28.00 price target on shares of Marvell Technology Group in a research note on Wednesday, November 29th. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $23.72.
Marvell Technology Group (NASDAQ MRVL) opened at $22.00 on Wednesday. Marvell Technology Group has a 52-week low of $13.83 and a 52-week high of $24.22. The firm has a market capitalization of $10,791.66, a PE ratio of 23.62, a price-to-earnings-growth ratio of 1.33 and a beta of 1.13.
Several institutional investors and hedge funds have recently modified their holdings of MRVL. Boston Partners acquired a new position in shares of Marvell Technology Group in the 2nd quarter worth approximately $133,179,000. Epoch Investment Partners Inc. raised its holdings in shares of Marvell Technology Group by 981.1% in the 3rd quarter. Epoch Investment Partners Inc. now owns 3,983,148 shares of the semiconductor company’s stock worth $71,298,000 after buying an additional 3,614,719 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Marvell Technology Group by 239.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,886,158 shares of the semiconductor company’s stock worth $64,199,000 after buying an additional 2,741,914 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Marvell Technology Group in the 2nd quarter worth approximately $36,663,000. Finally, TimesSquare Capital Management LLC raised its holdings in shares of Marvell Technology Group by 60.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 4,461,600 shares of the semiconductor company’s stock worth $73,706,000 after buying an additional 1,677,100 shares in the last quarter. 78.84% of the stock is owned by institutional investors and hedge funds.
In other news, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the stock in a transaction that occurred on 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 can be accessed through this hyperlink. Also, major shareholder Sehat Sutardja sold 62,337 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $18.48, for a total value of $1,151,987.76. The disclosure for this sale can be found here. Insiders sold a total of 16,610,190 shares of company stock valued at $304,106,751 in the last quarter. Corporate insiders own 6.80% of the company’s stock.
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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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