Marvell Technology Group (MRVL) Updates Q4 2019 Earnings Guidance

Marvell Technology Group (NASDAQ:MRVL) issued an update on its fourth quarter 2019 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.30-0.34 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.33. The company issued revenue guidance of $790-830 million, compared to the consensus revenue estimate of $856.3 million.

NASDAQ:MRVL traded down $0.88 during mid-day trading on Tuesday, reaching $15.50. The stock had a trading volume of 16,348,011 shares, compared to its average volume of 9,626,957. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 2.05 and a beta of 1.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.54 and a quick ratio of 1.76. Marvell Technology Group has a 12 month low of $14.69 and a 12 month high of $25.18.

Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, September 6th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $665.31 million during the quarter, compared to the consensus estimate of $685.00 million. Marvell Technology Group had a net margin of 15.36% and a return on equity of 10.70%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.30 earnings per share. As a group, analysts anticipate that Marvell Technology Group will post 0.86 EPS for the current fiscal year.

Marvell Technology Group declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 16th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

MRVL has been the topic of a number of recent analyst reports. ValuEngine cut shares of Marvell Technology Group from a buy rating to a hold rating in a research note on Tuesday, August 14th. Cowen decreased their price objective on shares of Marvell Technology Group from $29.00 to $26.00 and set an outperform rating on the stock in a research note on Monday, August 27th. JPMorgan Chase & Co. initiated coverage on shares of Marvell Technology Group in a research note on Friday, September 7th. They issued an overweight rating and a $27.00 price objective on the stock. BMO Capital Markets reissued a hold rating and issued a $24.00 price objective on shares of Marvell Technology Group in a research note on Friday, September 7th. Finally, Rosenblatt Securities reissued a buy rating and issued a $27.00 price objective on shares of Marvell Technology Group in a research note on Sunday, September 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and sixteen have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $25.32.

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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 HDD components, such as HDD preamps components; and develops software-enabled silicon solutions comprising serial advanced technology attachment port multipliers, bridges, serial attached SCSI, 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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Earnings History and Estimates for Marvell Technology Group (NASDAQ:MRVL)

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