Equities Analysts Issue Forecasts for Marvell Technology Group Ltd.’s FY2018 Earnings (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) – Equities researchers at Oppenheimer raised their FY2018 EPS estimates for shares of Marvell Technology Group in a note issued to investors on Wednesday. Oppenheimer analyst R. Schafer now forecasts that the semiconductor company will earn $1.02 per share for the year, up from their prior forecast of $0.99. Oppenheimer currently has a “Buy” rating and a $30.00 target price on the stock. Oppenheimer also issued estimates for Marvell Technology Group’s Q4 2018 earnings at $0.27 EPS, Q1 2019 earnings at $0.27 EPS and Q2 2019 earnings at $0.29 EPS.
MRVL has been the subject of a number of other reports. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Marvell Technology Group in a report on Friday, September 1st. BMO Capital Markets boosted their price objective on Marvell Technology Group to $25.00 and gave the company a “market perform” rating in a research report on Monday. Jefferies Group set a $19.00 price objective on Marvell Technology Group and gave the company a “hold” rating in a research report on Wednesday, October 18th. Bank of America upgraded Marvell Technology Group from a “neutral” rating to a “buy” rating in a research report on Monday, November 20th. Finally, Needham & Company LLC boosted their price objective on Marvell Technology Group from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $23.48.
Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. Marvell Technology Group had a return on equity of 11.99% and a net margin of 16.53%. The business had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. The company’s revenue was down 5.8% on a year-over-year basis.
Large investors have recently modified their holdings of the business. D.A. Davidson & CO. grew its holdings in Marvell Technology Group by 10.2% in the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 600 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Marvell Technology Group in the 3rd quarter valued at $106,000. Massey Quick Simon & CO. LLC purchased a new stake in Marvell Technology Group in the 3rd quarter valued at $124,000. Creative Planning grew its holdings in Marvell Technology Group by 39.8% in the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Marvell Technology Group in the 3rd quarter valued at $203,000. Institutional investors own 78.10% of the company’s stock.
In other Marvell Technology Group news, major shareholder Sehat Sutardja sold 420,422 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $17.84, for a total value of $7,500,328.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 17,558,035 shares of company stock valued at $320,838,284. 6.80% of the stock is owned by company insiders.
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Marvell Technology Group Company Profile
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.
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