Marvell Technology Group Ltd. (NASDAQ:MRVL) – Equities research analysts at B. Riley boosted their FY2018 earnings per share estimates for shares of Marvell Technology Group in a report released on Wednesday. B. Riley analyst C. Ellis now forecasts that the semiconductor company will earn $1.01 per share for the year, up from their previous estimate of $0.98. B. Riley has a “Buy” rating and a $29.00 price objective on the stock. B. Riley also issued estimates for Marvell Technology Group’s Q4 2018 earnings at $0.28 EPS, Q1 2019 earnings at $0.26 EPS and Q2 2019 earnings at $0.30 EPS.
Other equities analysts have also recently issued reports about the company. Northland Securities restated a “buy” rating and set a $20.00 target price on shares of Marvell Technology Group in a report on Friday, August 25th. Cowen restated a “buy” rating and set a $21.00 target price on shares of Marvell Technology Group in a report on Monday, August 21st. BidaskClub upgraded Marvell Technology Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th. Citigroup upgraded Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price for the company in a report on Tuesday, November 7th. Finally, Loop Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of Marvell Technology Group in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $23.48.
Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. During the same period last year, the business posted $0.20 EPS. Marvell Technology Group’s revenue for the quarter was down 5.8% on a year-over-year basis.
Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Creative Planning increased its position in Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after buying an additional 2,850 shares during the period. NGAM Advisors L.P. increased its position in Marvell Technology Group by 28.4% during the second quarter. NGAM Advisors L.P. now owns 171,521 shares of the semiconductor company’s stock worth $2,834,000 after buying an additional 37,892 shares during the period. Janney Montgomery Scott LLC increased its position in Marvell Technology Group by 8.2% during the second quarter. Janney Montgomery Scott LLC now owns 37,134 shares of the semiconductor company’s stock worth $613,000 after buying an additional 2,825 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in Marvell Technology Group by 6.9% during the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 209,398 shares of the semiconductor company’s stock worth $3,459,000 after buying an additional 13,597 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new position in Marvell Technology Group during the second quarter worth approximately $2,478,000. 78.10% of the stock is currently owned by institutional investors and hedge funds.
In other news, major shareholder Sehat Sutardja sold 420,422 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $17.84, for a total transaction of $7,500,328.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 17,558,035 shares of company stock worth $320,838,284 in the last three months. Corporate insiders own 6.80% of the company’s stock.
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.
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.