Wall Street analysts forecast that Marvell Technology Group Ltd. (NASDAQ:MRVL) will post sales of $600.31 million for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Marvell Technology Group’s earnings. The highest sales estimate is $603.00 million and the lowest is $597.11 million. Marvell Technology Group reported sales of $626.40 million in the same quarter last year, which indicates a negative year over year growth rate of 4.2%. The business is expected to announce its next quarterly earnings report on Tuesday, September 5th.

According to Zacks, analysts expect that Marvell Technology Group will report full year sales of $600.31 million for the current financial year, with estimates ranging from $2.38 billion to $2.45 billion. For the next year, analysts forecast that the business will report sales of $2.48 billion per share, with estimates ranging from $2.39 billion to $2.66 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.04. The firm had revenue of $579.18 million during the quarter, compared to analyst estimates of $570.72 million. Marvell Technology Group had a return on equity of 7.96% and a net margin of 6.19%. Marvell Technology Group’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS.

MRVL has been the topic of a number of recent research reports. TheStreet raised Marvell Technology Group from a “c” rating to a “b” rating in a research report on Thursday, May 25th. Citigroup Inc. raised Marvell Technology Group to an “outperform” rating and set a $23.00 price objective on the stock in a research report on Friday, May 26th. CIBC raised Marvell Technology Group from a “market perform” rating to an “outperform” rating in a research report on Friday, May 26th. B. Riley reaffirmed a “buy” rating and set a $21.00 price objective on shares of Marvell Technology Group in a research report on Monday, May 1st. Finally, Needham & Company LLC raised Marvell Technology Group from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Monday, March 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Marvell Technology Group has a consensus rating of “Buy” and an average target price of $17.93.

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. BlackRock Inc. boosted its position in shares of Marvell Technology Group by 4,078.2% in the first quarter. BlackRock Inc. now owns 24,309,056 shares of the semiconductor company’s stock valued at $370,955,000 after buying an additional 23,727,243 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Marvell Technology Group by 71.0% in the first quarter. UBS Asset Management Americas Inc. now owns 8,705,347 shares of the semiconductor company’s stock valued at $132,844,000 after buying an additional 3,613,160 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in shares of Marvell Technology Group during the first quarter valued at $42,491,000. Victory Capital Management Inc. boosted its position in shares of Marvell Technology Group by 109.2% in the first quarter. Victory Capital Management Inc. now owns 4,014,790 shares of the semiconductor company’s stock valued at $61,266,000 after buying an additional 2,095,294 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new position in shares of Marvell Technology Group during the first quarter valued at $26,427,000. Institutional investors own 74.09% of the company’s stock.

TRADEMARK VIOLATION WARNING: “$600.31 Million in Sales Expected for Marvell Technology Group Ltd. (MRVL) This Quarter” was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another website, it was illegally copied and reposted in violation of US & international copyright and trademark law. The original version of this article can be accessed at https://www.americanbankingnews.com/2017/07/08/600-31-million-in-sales-expected-for-marvell-technology-group-ltd-mrvl-this-quarter-2.html.

Marvell Technology Group (NASDAQ:MRVL) traded up 0.37% during trading on Friday, hitting $16.13. The stock had a trading volume of 11,131,729 shares. Marvell Technology Group has a 52-week low of $9.13 and a 52-week high of $18.18. The stock’s 50-day moving average is $17.03 and its 200-day moving average is $15.63. The stock has a market capitalization of $8.11 billion, a PE ratio of 54.49 and a beta of 1.11.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Wednesday, July 5th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, June 30th. Marvell Technology Group’s dividend payout ratio is currently 82.76%.

About Marvell Technology Group

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.

Get a free copy of the Zacks research report on Marvell Technology Group (MRVL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Marvell Technology Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology Group Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.