Analysts expect Marvell Technology Group Ltd. (NASDAQ:MRVL) to post sales of $854.07 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Marvell Technology Group’s earnings, with the lowest sales estimate coming in at $835.00 million and the highest estimate coming in at $895.70 million. Marvell Technology Group reported sales of $615.41 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 38.8%. The business is scheduled to announce its next earnings report on Thursday, March 14th.
On average, analysts expect that Marvell Technology Group will report full-year sales of $2.97 billion for the current financial year, with estimates ranging from $2.95 billion to $3.01 billion. For the next fiscal year, analysts expect that the business will report sales of $3.58 billion, with estimates ranging from $3.53 billion to $3.70 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, December 4th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.01. The firm had revenue of $851.05 million during the quarter, compared to analyst estimates of $844.07 million. Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. Marvell Technology Group’s revenue was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 EPS.
MRVL has been the subject of a number of recent analyst reports. TheStreet lowered shares of Marvell Technology Group from a “b” rating to a “c+” rating in a research report on Friday, October 26th. BidaskClub lowered shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 27th. Zacks Investment Research restated a “buy” rating and set a $19.00 price objective on shares of Marvell Technology Group in a research report on Wednesday, November 14th. Rosenblatt Securities restated a “buy” rating and set a $27.00 price objective on shares of Marvell Technology Group in a research report on Sunday, September 9th. Finally, Goldman Sachs Group began coverage on shares of Marvell Technology Group in a research report on Tuesday, September 18th. They set a “buy” rating and a $23.00 price objective for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and seventeen have issued a buy rating to the company’s stock. Marvell Technology Group presently has a consensus rating of “Buy” and a consensus target price of $25.30.
Several large investors have recently bought and sold shares of MRVL. Bank of Montreal Can lifted its stake in Marvell Technology Group by 5.9% during the second quarter. Bank of Montreal Can now owns 248,909 shares of the semiconductor company’s stock valued at $5,337,000 after buying an additional 13,961 shares in the last quarter. Creative Planning purchased a new stake in Marvell Technology Group during the second quarter valued at about $207,000. BNP Paribas Arbitrage SA lifted its stake in Marvell Technology Group by 2.0% during the second quarter. BNP Paribas Arbitrage SA now owns 153,996 shares of the semiconductor company’s stock valued at $3,302,000 after buying an additional 3,060 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Marvell Technology Group by 66.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,180,152 shares of the semiconductor company’s stock valued at $68,183,000 after buying an additional 1,270,641 shares in the last quarter. Finally, Aperio Group LLC lifted its stake in Marvell Technology Group by 14.7% during the second quarter. Aperio Group LLC now owns 76,227 shares of the semiconductor company’s stock valued at $1,634,000 after buying an additional 9,759 shares in the last quarter. Institutional investors own 95.31% of the company’s stock.
MRVL traded down $0.88 on Friday, reaching $15.50. The company had a trading volume of 16,100,598 shares, compared to its average volume of 8,471,935. The firm has a market capitalization of $10.61 billion, a PE ratio of 14.90, a P/E/G ratio of 2.08 and a beta of 1.01. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25. Marvell Technology Group has a one year low of $14.69 and a one year high of $25.18.
Marvell Technology Group declared that its board has authorized a stock buyback plan on Tuesday, October 16th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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