Equities analysts predict that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report $750.23 million in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Marvell Technology Group's earnings. The highest sales estimate is $750.61 million and the lowest is $750.00 million. Marvell Technology Group reported sales of $662.47 million during the same quarter last year, which would suggest a positive year over year growth rate of 13.2%. The business is scheduled to report its next quarterly earnings report on Tuesday, December 1st.
On average, analysts expect that Marvell Technology Group will report full year sales of $2.96 billion for the current fiscal year, with estimates ranging from $2.94 billion to $2.97 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $3.45 billion, with estimates ranging from $3.25 billion to $3.65 billion. Zacks Investment Research's sales calculations are an average based on a survey of analysts that follow Marvell Technology Group.
Marvell Technology Group (NASDAQ:MRVL) last issued its earnings results on Thursday, August 27th. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.20 by $0.01. Marvell Technology Group had a return on equity of 3.10% and a net margin of 50.67%. The firm had revenue of $727.30 million for the quarter, compared to analysts' expectations of $720.88 million. During the same quarter last year, the business earned $0.16 earnings per share. The company's revenue was up 10.8% compared to the same quarter last year.
Several equities analysts have recently weighed in on the company. Needham & Company LLC lifted their price objective on Marvell Technology Group from $39.00 to $47.00 and gave the company a "buy" rating in a report on Friday, October 9th. Citigroup lifted their price objective on Marvell Technology Group from $49.00 to $50.00 in a report on Friday, October 9th. Wells Fargo & Company cut Marvell Technology Group from an "overweight" rating to an "equal weight" rating and set a $35.00 price objective on the stock. in a report on Wednesday, July 15th. Barclays lifted their price objective on Marvell Technology Group from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Friday, August 28th. Finally, Morgan Stanley lifted their target price on Marvell Technology Group from $36.00 to $37.00 and gave the company an "equal weight" rating in a research report on Friday, August 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of "Buy" and a consensus price target of $43.96.
NASDAQ:MRVL opened at $42.96 on Friday. Marvell Technology Group has a fifty-two week low of $16.45 and a fifty-two week high of $45.04. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.33 and a quick ratio of 1.12. The stock has a market capitalization of $28.79 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 3.59 and a beta of 0.94. The business's 50-day simple moving average is $39.64 and its 200-day simple moving average is $33.55.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, October 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $0.24 annualized dividend and a dividend yield of 0.56%. Marvell Technology Group's dividend payout ratio is currently 75.00%.
In other news, COO Andrew Micallef sold 10,000 shares of Marvell Technology Group stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $40.36, for a total transaction of $403,600.00. Following the completion of the transaction, the chief operating officer now directly owns 93,699 shares in the company, valued at approximately $3,781,691.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology Group stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $39.06, for a total value of $195,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,706 shares of company stock valued at $1,441,726 over the last quarter. 0.29% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Crewe Advisors LLC boosted its stake in shares of Marvell Technology Group by 56.5% during the 3rd quarter. Crewe Advisors LLC now owns 673 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 243 shares during the period. Signaturefd LLC boosted its stake in Marvell Technology Group by 9.8% in the 2nd quarter. Signaturefd LLC now owns 3,541 shares of the semiconductor company's stock valued at $124,000 after purchasing an additional 315 shares during the period. Parkside Financial Bank & Trust boosted its stake in Marvell Technology Group by 42.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,117 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 333 shares during the period. RFG Advisory LLC boosted its stake in Marvell Technology Group by 5.8% in the 3rd quarter. RFG Advisory LLC now owns 10,026 shares of the semiconductor company's stock valued at $398,000 after purchasing an additional 547 shares during the period. Finally, San Francisco Sentry Investment Group CA bought a new stake in Marvell Technology Group in the 3rd quarter valued at $25,000. Institutional investors own 88.51% of the company's stock.
About Marvell Technology Group
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a range of storage products, including hard disk drive (HDD) and solid-state drive controllers, as well as preamplifiers; supports a variety of host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, and non-volatile memory express; and develops software-enabled silicon solutions comprising SATA port multipliers, bridges, SATA, SAS, and non-volatile memory express redundant array of independent disks controllers and converged storage processors for enterprises, data centers, and cloud computing businesses.
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