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.
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.
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