$660.26 Million in Sales Expected for Marvell Technology Group Ltd. (NASDAQ:MRVL) This Quarter

Wall Street brokerages expect that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report $660.26 million in sales for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Marvell Technology Group’s earnings. The lowest sales estimate is $660.00 million and the highest is $661.43 million. Marvell Technology Group posted sales of $851.05 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 22.4%. The business is expected to announce its next earnings report on Tuesday, December 3rd.

On average, analysts expect that Marvell Technology Group will report full year sales of $2.68 billion for the current year, with estimates ranging from $2.66 billion to $2.75 billion. For the next financial year, analysts expect that the business will report sales of $3.10 billion, with estimates ranging from $2.99 billion to $3.22 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.11. The company had revenue of $656.56 million for the quarter, compared to analyst estimates of $650.29 million. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. Marvell Technology Group’s revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 EPS.

MRVL has been the topic of several recent analyst reports. JPMorgan Chase & Co. set a $27.00 target price on shares of Marvell Technology Group and gave the company a “buy” rating in a report on Friday, August 30th. Susquehanna Bancshares set a $28.00 price objective on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America set a $28.00 price objective on shares of Marvell Technology Group and gave the stock a “buy” rating in a report on Friday, August 30th. BidaskClub lowered shares of Marvell Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $28.00 price objective on shares of Marvell Technology Group in a report on Sunday, September 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $26.96.

In other Marvell Technology Group news, Director Oleg Khaykin sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.71, for a total transaction of $514,200.00. Following the sale, the director now directly owns 23,309 shares in the company, valued at approximately $599,274.39. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jean X. Hu sold 36,077 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.56, for a total transaction of $922,128.12. Following the sale, the chief financial officer now owns 125,917 shares in the company, valued at $3,218,438.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,933 shares of company stock worth $12,815,582. 1.10% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its holdings in Marvell Technology Group by 27.2% during the 2nd quarter. Signaturefd LLC now owns 1,859 shares of the semiconductor company’s stock worth $44,000 after buying an additional 397 shares in the last quarter. Winfield Associates Inc. increased its position in shares of Marvell Technology Group by 4.1% in the 2nd quarter. Winfield Associates Inc. now owns 12,683 shares of the semiconductor company’s stock valued at $303,000 after purchasing an additional 500 shares during the last quarter. Commerce Bank increased its position in shares of Marvell Technology Group by 1.0% in the 2nd quarter. Commerce Bank now owns 59,170 shares of the semiconductor company’s stock valued at $1,412,000 after purchasing an additional 565 shares during the last quarter. LPL Financial LLC increased its position in shares of Marvell Technology Group by 4.5% in the 2nd quarter. LPL Financial LLC now owns 22,784 shares of the semiconductor company’s stock valued at $544,000 after purchasing an additional 989 shares during the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Marvell Technology Group by 3.4% in the 1st quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 35,510 shares of the semiconductor company’s stock valued at $706,000 after purchasing an additional 1,161 shares during the last quarter.

NASDAQ:MRVL traded up $0.21 on Wednesday, hitting $24.97. The stock had a trading volume of 3,932,321 shares, compared to its average volume of 10,728,140. The company has a quick ratio of 2.68, a current ratio of 3.06 and a debt-to-equity ratio of 0.23. The stock has a market cap of $16.51 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 11.72 and a beta of 1.19. The company has a fifty day moving average price of $24.70 and a two-hundred day moving average price of $23.82. Marvell Technology Group has a 1-year low of $14.34 and a 1-year high of $27.64.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, October 9th. This represents a $0.24 dividend on an annualized basis and a yield of 0.96%. Marvell Technology Group’s dividend payout ratio (DPR) is presently 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 preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, 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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