Q3 2019 Earnings Estimate for Marvell Technology Group Ltd. (MRVL) Issued By Oppenheimer

Marvell Technology Group Ltd. (NASDAQ:MRVL) – Investment analysts at Oppenheimer lifted their Q3 2019 earnings per share (EPS) estimates for shares of Marvell Technology Group in a note issued to investors on Wednesday. Oppenheimer analyst R. Schafer now expects that the semiconductor company will post earnings of $0.32 per share for the quarter, up from their previous forecast of $0.30. Oppenheimer has a “Buy” rating and a $30.00 price target on the stock. Oppenheimer also issued estimates for Marvell Technology Group’s Q4 2019 earnings at $0.31 EPS and FY2019 earnings at $1.18 EPS.

Several other equities analysts have also commented on the stock. Citigroup raised shares of Marvell Technology Group from a “sell” rating to a “neutral” rating and set a $22.00 target price on the stock in a report on Tuesday, November 7th. Benchmark raised shares of Marvell Technology Group from a “hold” rating to a “buy” rating and raised their target price for the company from $17.00 to $30.00 in a report on Monday, November 20th. Cowen reissued a “buy” rating on shares of Marvell Technology Group in a report on Friday, October 13th. Bank of America raised shares of Marvell Technology Group from a “neutral” rating to a “buy” rating in a report on Monday, November 20th. Finally, Needham & Company LLC raised their target price on shares of Marvell Technology Group from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, November 21st. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Buy” and a consensus target price of $23.48.

Marvell Technology Group (NASDAQ:MRVL) traded down $0.16 during mid-day trading on Monday, reaching $22.18. 13,143,200 shares of the company’s stock traded hands, compared to its average volume of 6,813,868. Marvell Technology Group has a 52-week low of $13.59 and a 52-week high of $24.22. The company has a market cap of $10,893.51, a price-to-earnings ratio of 23.85, a P/E/G ratio of 1.34 and a beta of 1.13.

Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. The firm had revenue of $616.00 million for the quarter, compared to analyst estimates of $613.49 million. During the same period last year, the firm earned $0.20 EPS. The business’s quarterly revenue was down 5.8% compared to the same quarter last year.

In other news, major shareholder Sehat Sutardja sold 420,422 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $17.84, for a total value of $7,500,328.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 17,558,035 shares of company stock worth $320,838,284 in the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Krilogy Financial LLC lifted its position in shares of Marvell Technology Group by 1.6% in the 2nd quarter. Krilogy Financial LLC now owns 15,600 shares of the semiconductor company’s stock worth $258,000 after purchasing an additional 250 shares during the period. Utah Retirement Systems lifted its position in shares of Marvell Technology Group by 0.4% in the 2nd quarter. Utah Retirement Systems now owns 73,725 shares of the semiconductor company’s stock worth $1,218,000 after purchasing an additional 300 shares during the period. M&T Bank Corp lifted its position in shares of Marvell Technology Group by 1.3% in the 2nd quarter. M&T Bank Corp now owns 30,943 shares of the semiconductor company’s stock worth $512,000 after purchasing an additional 402 shares during the period. D.A. Davidson & CO. lifted its position in shares of Marvell Technology Group by 10.2% in 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. Finally, Pictet Asset Management Ltd. lifted its position in shares of Marvell Technology Group by 0.7% in the 2nd quarter. Pictet Asset Management Ltd. now owns 170,100 shares of the semiconductor company’s stock worth $2,933,000 after purchasing an additional 1,200 shares during the period. Hedge funds and other institutional investors own 78.84% 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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