Marvell Technology Group (MRVL) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS
Marvell Technology Group (NASDAQ:MRVL) issued its quarterly earnings data on Thursday. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.28 by $0.06, Stock Ratings Network reports. The company had revenue of $961.50 million for the quarter, compared to the consensus estimate of $961.56 million. During the same quarter last year, the company posted $0.23 earnings per share.
Shares of Marvell Technology Group (NASDAQ:MRVL) traded up 0.74% during mid-day trading on Thursday, hitting $13.64. 7,812,271 shares of the company’s stock traded hands. Marvell Technology Group 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.
A number of research firms have recently commented on MRVL. 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 the ratings front, 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 analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Marvell Technology Group presently has an average rating of “Buy” and an average price target of $16.65.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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