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.
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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