Marvell Technology Group Ltd. (MRVL) Releases Q3 Earnings Guidance
Marvell Technology Group Ltd. (NASDAQ:MRVL) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.27-0.31 for the period, compared to the Thomson Reuters consensus estimate of $0.32, Stock Ratings Network reports. The company issued revenue guidance of $0.96-1.0 billion, compared to the consensus revenue estimate of $1.01 billion.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) traded up 0.74% on Thursday, hitting $13.64. 7,854,962 shares of the company’s stock traded hands. Marvell Technology Group Ltd. has a 52 week low of $10.87 and a 52 week high of $16.65. The stock’s 50-day moving average is $13.72 and its 200-day moving average is $14.98. The company has a market cap of $6.932 billion and a price-to-earnings ratio of 19.04.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, August 21st. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.28 by $0.06. The company had revenue of $961.50 million for the quarter, compared to the consensus estimate of $961.56 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. On average, analysts predict that Marvell Technology Group Ltd. will post $1.15 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on MRVL shares. Analysts at MKM Partners cut their price target on shares of Marvell Technology Group from $19.00 to $17.00 in a research note on Monday. They now have a buy rating on the stock. On a related note, analysts at Standpoint Research upgraded shares of Marvell Technology Group from a hold rating to a buy rating in a research note on Thursday, August 14th. They now have a $17.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Marvell Technology Group from an outperform rating to a neutral rating in a research note on Wednesday, July 23rd. They now have a $17.10 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $16.65.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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