Marvell Technology Group Ltd. (MRVL) Expected to Post Quarterly Sales of $650.06 Million

Equities research analysts expect that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report $650.06 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Marvell Technology Group’s earnings, with estimates ranging from $650.00 million to $650.30 million. Marvell Technology Group posted sales of $604.63 million in the same quarter last year, which would indicate a positive year over year growth rate of 7.5%. The business is scheduled to report its next earnings results on Thursday, May 30th.

On average, analysts expect that Marvell Technology Group will report full year sales of $2.91 billion for the current year, with estimates ranging from $2.83 billion to $3.15 billion. For the next financial year, analysts expect that the business will post sales of $3.41 billion, with estimates ranging from $3.30 billion to $3.55 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.02). The firm had revenue of $744.80 million during the quarter, compared to analysts’ expectations of $739.88 million. Marvell Technology Group had a negative net margin of 6.25% and a positive return on equity of 8.19%. During the same quarter in the prior year, the firm posted $0.32 EPS.

Several research analysts have issued reports on MRVL shares. Barclays dropped their price target on Marvell Technology Group from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, November 30th. Benchmark dropped their price objective on shares of Marvell Technology Group to $30.00 in a research note on Sunday, December 2nd. Deutsche Bank dropped their price objective on shares of Marvell Technology Group from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, December 3rd. Credit Suisse Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Marvell Technology Group in a research note on Monday, December 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective (down previously from $27.00) on shares of Marvell Technology Group in a research note on Wednesday, December 5th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company. Marvell Technology Group presently has a consensus rating of “Buy” and an average price target of $24.71.

In other Marvell Technology Group news, Director Syed Ali sold 442,000 shares of the company’s stock in a transaction that occurred on Friday, January 11th. The stock was sold at an average price of $17.14, for a total value of $7,575,880.00. Following the completion of the transaction, the director now directly owns 4,950,515 shares in the company, valued at approximately $84,851,827.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.10% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Utah Retirement Systems increased its holdings in Marvell Technology Group by 0.6% during the 4th quarter. Utah Retirement Systems now owns 102,116 shares of the semiconductor company’s stock worth $1,653,000 after purchasing an additional 600 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Marvell Technology Group by 1.1% during the fourth quarter. State of Alaska Department of Revenue now owns 92,615 shares of the semiconductor company’s stock valued at $1,498,000 after purchasing an additional 968 shares during the last quarter. Rothschild Investment Corp IL grew its stake in shares of Marvell Technology Group by 6.9% during the fourth quarter. Rothschild Investment Corp IL now owns 15,436 shares of the semiconductor company’s stock valued at $250,000 after purchasing an additional 1,000 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Marvell Technology Group by 5.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 23,024 shares of the semiconductor company’s stock valued at $373,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Marvell Technology Group by 3.5% during the fourth quarter. Prudential Financial Inc. now owns 38,351 shares of the semiconductor company’s stock valued at $621,000 after purchasing an additional 1,290 shares during the last quarter. Institutional investors and hedge funds own 96.95% of the company’s stock.

Shares of NASDAQ MRVL traded up $0.47 during trading on Wednesday, hitting $19.89. The company had a trading volume of 16,221,419 shares, compared to its average volume of 11,296,525. The stock has a market capitalization of $12.77 billion, a P/E ratio of 23.40, a P/E/G ratio of 4.42 and a beta of 1.01. Marvell Technology Group has a 52 week low of $14.34 and a 52 week high of $22.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.74 and a current ratio of 2.32.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 3rd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, April 2nd. Marvell Technology Group’s dividend payout ratio (DPR) is 28.24%.

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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