Wall Street brokerages expect that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report sales of $611.65 million for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Marvell Technology Group’s earnings. The highest sales estimate is $620.29 million and the lowest is $610.00 million. Marvell Technology Group reported sales of $571.40 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7%. The firm is expected to report its next 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 year, with estimates ranging from $2.40 billion to $2.42 billion. For the next fiscal year, analysts anticipate that the company will post sales of $2.50 billion per share, with estimates ranging from $2.46 billion to $2.58 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.93%. The business had revenue of $616.00 million during the quarter, compared to the consensus estimate of $613.49 million. During the same quarter last year, the firm earned $0.20 earnings per share. Marvell Technology Group’s quarterly revenue was down 5.8% on a year-over-year basis.
A number of equities analysts recently weighed in on the stock. ValuEngine raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Piper Jaffray Companies started coverage on shares of 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. Morgan Stanley lifted their price target on shares of Marvell Technology Group from $20.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. BidaskClub downgraded shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, December 2nd. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $30.00 price target on shares of Marvell Technology Group in a research note on Wednesday, November 29th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Marvell Technology Group has an average rating of “Buy” and a consensus target price of $23.92.
In other news, major shareholder Sehat Sutardja sold 474,771 shares of the business’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $18.48, for a total transaction of $8,773,768.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total transaction of $208,014.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,813,418 shares of company stock valued at $33,627,308. 6.80% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Prudential Financial Inc. boosted its holdings in Marvell Technology Group by 6.1% during the second quarter. Prudential Financial Inc. now owns 29,640 shares of the semiconductor company’s stock worth $490,000 after purchasing an additional 1,700 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Marvell Technology Group by 21.3% during the second quarter. Principal Financial Group Inc. now owns 46,352 shares of the semiconductor company’s stock worth $766,000 after purchasing an additional 8,136 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Marvell Technology Group by 233.4% during the second quarter. Wells Fargo & Company MN now owns 614,322 shares of the semiconductor company’s stock worth $10,149,000 after purchasing an additional 430,061 shares during the last quarter. Icon Advisers Inc. Co. purchased a new position in Marvell Technology Group during the second quarter worth about $1,445,000. Finally, Ameriprise Financial Inc. boosted its holdings in Marvell Technology Group by 57.2% during the second quarter. Ameriprise Financial Inc. now owns 1,463,280 shares of the semiconductor company’s stock worth $24,174,000 after purchasing an additional 532,266 shares during the last quarter. 78.70% of the stock is owned by institutional investors.
Shares of Marvell Technology Group (MRVL) traded up $0.69 during midday trading on Friday, reaching $23.84. 18,421,544 shares of the company were exchanged, compared to its average volume of 5,591,744. Marvell Technology Group has a fifty-two week low of $13.83 and a fifty-two week high of $24.22. The company has a market capitalization of $11,710.21, a P/E ratio of 30.96, a PEG ratio of 1.44 and a beta of 1.12.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Wednesday, December 27th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, December 26th. Marvell Technology Group’s payout ratio is presently 31.17%.
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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.
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