Marvell Technology Group (NASDAQ:MRVL) Issues Q4 Earnings Guidance

Marvell Technology Group (NASDAQ:MRVL) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.15-$0.19 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.21. The company issued revenue guidance of $727.5-$772.5 million, compared to the consensus revenue estimate of $695.87 million.Marvell Technology Group also updated its Q4 2020
After-Hours guidance to 0.15-0.19 EPS.

A number of equities analysts recently commented on MRVL shares. Cowen set a $27.00 price target on Marvell Technology Group and gave the company an outperform rating in a research note on Monday, August 26th. Barclays set a $30.00 price objective on Marvell Technology Group and gave the stock a buy rating in a research note on Friday, August 30th. Zacks Investment Research cut Marvell Technology Group from a hold rating to a sell rating and set a $25.00 price objective on the stock. in a report on Friday, October 11th. ValuEngine downgraded Marvell Technology Group from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Finally, TheStreet lowered shares of Marvell Technology Group from a b- rating to a c+ rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. Marvell Technology Group currently has an average rating of Buy and an average target price of $28.04.

Shares of MRVL traded down $0.89 during midday trading on Wednesday, hitting $24.27. The stock had a trading volume of 5,599,876 shares, compared to its average volume of 6,848,531. The stock’s 50 day moving average is $25.68 and its 200 day moving average is $24.73. The firm has a market cap of $17.59 billion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 12.69 and a beta of 1.19. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.06 and a quick ratio of 2.68. Marvell Technology Group has a 1 year low of $14.34 and a 1 year high of $28.38.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings results on Tuesday, December 3rd. The semiconductor company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The company had revenue of $662.00 million for the quarter, compared to the consensus estimate of $660.94 million. During the same period in the prior year, the firm posted $0.33 EPS. The firm’s revenue was down 22.2% compared to the same quarter last year. As a group, equities research analysts expect that Marvell Technology Group will post 0.34 earnings per share for the current fiscal year.

In related news, CEO Matthew J. Murphy sold 100,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $28.00, for a total transaction of $2,800,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jean X. Hu sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $26.86, for a total value of $268,600.00. In the last ninety days, insiders have sold 330,933 shares of company stock worth $8,706,982. Insiders own 1.10% 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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