Brokerages Expect Marvell Technology Group Ltd. (MRVL) Will Post Quarterly Sales of $611.13 Million

Wall Street brokerages predict that Marvell Technology Group Ltd. (NASDAQ:MRVL) will post $611.13 million in sales for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Marvell Technology Group’s earnings, with estimates ranging from $608.17 million to $616.80 million. Marvell Technology Group reported sales of $654.42 million in the same quarter last year, which indicates a negative year over year growth rate of 6.6%. The firm is scheduled to announce its next quarterly earnings results on Thursday, November 16th.

On average, analysts expect that Marvell Technology Group will report full-year sales of $611.13 million for the current year, with estimates ranging from $2.36 billion to $2.42 billion. For the next year, analysts anticipate that the firm will report sales of $2.46 billion per share, with estimates ranging from $2.43 billion to $2.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). Marvell Technology Group had a net margin of 10.97% and a return on equity of 9.99%. The firm had revenue of $604.75 million for the quarter, compared to analysts’ expectations of $600.76 million. During the same quarter in the previous year, the company earned $0.18 EPS. The company’s quarterly revenue was up 16.4% compared to the same quarter last year.

A number of research analysts have recently issued reports on MRVL shares. BMO Capital Markets reaffirmed a “market perform” rating and issued a $16.00 price objective on shares of Marvell Technology Group in a research report on Monday, August 28th. Jefferies Group LLC reissued a “hold” rating and set a $18.50 target price (down previously from $19.00) on shares of Marvell Technology Group in a research report on Thursday, August 24th. Cowen and Company reissued a “buy” rating on shares of Marvell Technology Group in a research report on Friday. Needham & Company LLC reissued a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a research report on Thursday, August 24th. Finally, BidaskClub downgraded shares of Marvell Technology Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $19.31.

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In other news, major shareholder Sehat Sutardja sold 420,422 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total value of $7,500,328.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 15,754,429 shares of company stock valued at $287,418,990 over the last quarter. Company insiders own 6.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Greenwood Capital Associates LLC raised its position in shares of Marvell Technology Group by 37.0% in the second quarter. Greenwood Capital Associates LLC now owns 18,900 shares of the semiconductor company’s stock valued at $312,000 after buying an additional 5,105 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Marvell Technology Group by 9.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 547,334 shares of the semiconductor company’s stock valued at $9,042,000 after buying an additional 47,648 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Marvell Technology Group in the second quarter valued at about $36,663,000. Seven Eight Capital LP raised its position in shares of Marvell Technology Group by 41.3% in the second quarter. Seven Eight Capital LP now owns 228,974 shares of the semiconductor company’s stock valued at $3,783,000 after buying an additional 66,900 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Marvell Technology Group by 15.6% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 129,709 shares of the semiconductor company’s stock valued at $2,143,000 after buying an additional 17,485 shares during the last quarter. Institutional investors and hedge funds own 76.61% of the company’s stock.

Marvell Technology Group (NASDAQ MRVL) traded up 0.575% during midday trading on Friday, hitting $18.375. 1,586,999 shares of the stock were exchanged. The firm’s 50 day moving average price is $17.97 and its 200 day moving average price is $16.54. Marvell Technology Group has a 12 month low of $12.30 and a 12 month high of $18.72. The company has a market cap of $9.11 billion, a PE ratio of 35.610 and a beta of 1.13.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Friday, October 6th. Marvell Technology Group’s dividend payout ratio is presently 47.06%.

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

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