Marvell Technology Group Ltd. (NASDAQ:MRVL) Expected to Post Quarterly Sales of $650.12 Million

Equities research analysts expect that Marvell Technology Group Ltd. (NASDAQ:MRVL) will report sales of $650.12 million for the current fiscal quarter, according to Zacks. Nine analysts have made estimates for Marvell Technology Group’s earnings, with the lowest sales estimate coming in at $650.00 million and the highest estimate coming in at $650.53 million. Marvell Technology Group reported sales of $665.31 million in the same quarter last year, which would suggest a negative year over year growth rate of 2.3%. The company is expected to report its next quarterly earnings report on Thursday, September 5th.

On average, analysts expect that Marvell Technology Group will report full-year sales of $2.78 billion for the current fiscal year, with estimates ranging from $2.74 billion to $2.93 billion. For the next year, analysts expect that the business will post sales of $3.28 billion, with estimates ranging from $3.13 billion to $3.55 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. The firm had revenue of $662.00 million during the quarter, compared to analyst estimates of $651.07 million. Marvell Technology Group had a positive return on equity of 5.88% and a negative net margin of 12.18%. Marvell Technology Group’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 EPS.

Several research firms have recently commented on MRVL. BidaskClub lowered Marvell Technology Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 14th. Bank of America upped their price objective on Marvell Technology Group from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Piper Jaffray Companies upped their price objective on Marvell Technology Group from $22.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. MKM Partners upped their target price on shares of Marvell Technology Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upped their target price on shares of Marvell Technology Group from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Six analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $25.78.

NASDAQ:MRVL opened at $23.41 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.07 and a quick ratio of 1.67. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 7.60 and a beta of 1.17. Marvell Technology Group has a one year low of $14.34 and a one year high of $25.74. The business has a fifty day moving average of $23.19.

In other Marvell Technology Group news, CAO Willem A. Meintjes sold 28,057 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $24.32, for a total transaction of $682,346.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mitchell Gaynor sold 10,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $23.64, for a total transaction of $236,400.00. Following the transaction, the executive vice president now directly owns 25,576 shares of the company’s stock, valued at approximately $604,616.64. The disclosure for this sale can be found here. Insiders have sold a total of 58,057 shares of company stock valued at $1,395,446 in the last three months. Insiders own 1.10% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its position in Marvell Technology Group by 45.0% in the 3rd quarter. Vanguard Group Inc now owns 53,229,098 shares of the semiconductor company’s stock valued at $1,027,321,000 after buying an additional 16,517,490 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Marvell Technology Group by 3.5% during the 4th quarter. Prudential Financial Inc. now owns 38,351 shares of the semiconductor company’s stock worth $621,000 after purchasing an additional 1,290 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Marvell Technology Group by 4.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 808,739 shares of the semiconductor company’s stock worth $13,018,000 after purchasing an additional 33,063 shares during the last quarter. Utah Retirement Systems increased its position in shares of Marvell Technology Group by 0.6% during the 4th quarter. Utah Retirement Systems now owns 102,116 shares of the semiconductor company’s stock worth $1,653,000 after purchasing an additional 600 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Marvell Technology Group by 9.7% during the 4th quarter. BlackRock Inc. now owns 35,692,591 shares of the semiconductor company’s stock worth $577,863,000 after purchasing an additional 3,150,773 shares during the last quarter.

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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