FY2018 EPS Estimates for Marvell Technology Group Ltd. Lifted by Analyst (MRVL)
Marvell Technology Group Ltd. (NASDAQ:MRVL) – Equities research analysts at KeyCorp increased their FY2018 earnings estimates for Marvell Technology Group in a note issued to investors on Tuesday. KeyCorp analyst M. Mcconnell now anticipates that the semiconductor company will post earnings per share of $1.02 for the year, up from their previous forecast of $0.99. KeyCorp has a “Buy” rating and a $25.00 price objective on the stock. KeyCorp also issued estimates for Marvell Technology Group’s Q4 2018 earnings at $0.27 EPS, Q1 2019 earnings at $0.25 EPS and Q2 2019 earnings at $0.32 EPS.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, November 28th. The semiconductor company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $616.00 million during the quarter, compared to analysts’ expectations of $613.49 million. Marvell Technology Group had a net margin of 16.53% and a return on equity of 11.99%. Marvell Technology Group’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period last year, the business earned $0.20 EPS.
Shares of Marvell Technology Group (MRVL) opened at $22.18 on Friday. The company has a market cap of $10,972.10, a P/E ratio of 24.02, a P/E/G ratio of 1.36 and a beta of 1.12. Marvell Technology Group has a 12 month low of $13.59 and a 12 month high of $24.22.
Hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in shares of Marvell Technology Group during the 3rd quarter valued at about $106,000. D.A. Davidson & CO. lifted its position in Marvell Technology Group by 10.2% in the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 600 shares during the last quarter. Massey Quick Simon & CO. LLC acquired a new position in Marvell Technology Group in the third quarter valued at about $124,000. Creative Planning lifted its position in Marvell Technology Group by 39.8% in the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 2,850 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Marvell Technology Group in the third quarter valued at about $203,000. 78.10% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder Sehat Sutardja sold 62,337 shares of the company’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $18.48, for a total transaction of $1,151,987.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 17,558,035 shares of company stock valued at $320,838,284 in the last ninety days. Insiders own 6.80% of the company’s stock.
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.
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