Research Analysts Set Expectations for Marvell Technology Group Ltd.’s FY2018 Earnings (MRVL)

Marvell Technology Group Ltd. (NASDAQ:MRVL) – Equities research analysts at KeyCorp increased their FY2018 earnings per share (EPS) estimates for shares of Marvell Technology Group in a research note issued on Tuesday. KeyCorp analyst M. Mcconnell now anticipates that the semiconductor company will post earnings per share of $1.02 for the year, up from their previous estimate of $0.99. KeyCorp currently has a “Buy” rating and a $25.00 price objective on the stock. KeyCorp also issued estimates for Marvell Technology Group’s Q4 2018 earnings at $0.27 EPS, Q1 2019 earnings at $0.25 EPS and Q2 2019 earnings at $0.32 EPS.

Marvell Technology Group (NASDAQ:MRVL) last announced its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $613.49 million. During the same period in the prior year, the company posted $0.20 EPS. The business’s quarterly revenue was down 5.8% on a year-over-year basis.

Several other brokerages have also recently commented on MRVL. Cowen reiterated an “outperform” rating and set a $29.00 price target (up from $21.00) on shares of Marvell Technology Group in a research report on Monday. BMO Capital Markets boosted their price target on Marvell Technology Group to $25.00 and gave the stock a “market perform” rating in a research report on Monday. Credit Suisse Group reiterated an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Marvell Technology Group in a research report on Tuesday. Oppenheimer boosted their price target on Marvell Technology Group from $23.00 to $30.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 21st. Finally, Stifel Nicolaus boosted their price target on Marvell Technology Group from $16.00 to $19.00 and gave the stock a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Marvell Technology Group presently has an average rating of “Buy” and an average target price of $23.48.

Shares of Marvell Technology Group (NASDAQ MRVL) traded down $0.16 on Friday, hitting $22.18. The company had a trading volume of 13,143,256 shares, compared to its average volume of 6,813,869. Marvell Technology Group has a 52-week low of $13.59 and a 52-week high of $24.22. The stock has a market capitalization of $11,000.00, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new position in shares of Marvell Technology Group during the 3rd quarter worth $106,000. D.A. Davidson & CO. grew its holdings in shares of Marvell Technology Group by 10.2% during the 2nd quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 600 shares during the period. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group during the 3rd quarter worth about $124,000. Creative Planning lifted its stake in Marvell Technology Group by 39.8% during the 2nd quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after acquiring an additional 2,850 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Marvell Technology Group during the 3rd quarter worth about $203,000. Institutional investors and hedge funds own 78.10% of the company’s stock.

In other news, major shareholder Sehat Sutardja sold 1,266,498 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $18.55, for a total transaction of $23,493,537.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 17,558,035 shares of company stock valued at $320,838,284. Company insiders own 6.80% of the company’s stock.

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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.

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

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