Brokerages Expect Marvell Technology Group Ltd. (NASDAQ:MRVL) Will Announce Quarterly Sales of $800.39 Million


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Equities analysts forecast that Marvell Technology Group Ltd. (NASDAQ:MRVL) will post $800.39 million in sales for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Marvell Technology Group’s earnings, with estimates ranging from $799.82 million to $802.00 million. Marvell Technology Group posted sales of $693.64 million during the same quarter last year, which would indicate a positive year over year growth rate of 15.4%. The company is expected to report its next quarterly earnings report on Thursday, May 27th.

According to Zacks, analysts expect that Marvell Technology Group will report full year sales of $3.51 billion for the current year, with estimates ranging from $3.37 billion to $3.67 billion. For the next fiscal year, analysts anticipate that the business will post sales of $3.97 billion, with estimates ranging from $3.70 billion to $4.36 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Marvell Technology Group.

Marvell Technology Group (NASDAQ:MRVL) last issued its quarterly earnings data on Tuesday, March 2nd. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. The company had revenue of $797.82 million for the quarter, compared to analyst estimates of $786.30 million. Marvell Technology Group had a net margin of 51.19% and a return on equity of 3.76%. Marvell Technology Group’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $0.17 earnings per share.

Several equities research analysts have weighed in on the stock. Evercore ISI raised their target price on shares of Marvell Technology Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, March 12th. Piper Sandler raised their target price on shares of Marvell Technology Group from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, January 13th. BMO Capital Markets upgraded shares of Marvell Technology Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research note on Monday, March 15th. Barclays lifted their price objective on shares of Marvell Technology Group from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 26th. They noted that the move was a valuation call. Finally, TheStreet downgraded shares of Marvell Technology Group from a “b-” rating to a “c” rating in a research note on Wednesday, March 3rd. Four investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $49.84.

MRVL traded down $0.15 during trading on Monday, hitting $50.21. The stock had a trading volume of 522,958 shares, compared to its average volume of 11,140,216. The company has a market capitalization of $33.93 billion, a PE ratio of 23.10, a PEG ratio of 4.41 and a beta of 1.17. Marvell Technology Group has a twelve month low of $23.86 and a twelve month high of $55.70. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.42. The stock has a 50 day simple moving average of $47.40 and a two-hundred day simple moving average of $45.92.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 28th. Shareholders of record on Friday, April 9th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. Marvell Technology Group’s payout ratio is 75.00%.

In other news, CFO Jean X. Hu sold 11,753 shares of the business’s stock in a transaction dated Friday, January 15th. The shares were sold at an average price of $51.48, for a total transaction of $605,044.44. Following the completion of the sale, the chief financial officer now owns 93,868 shares of the company’s stock, valued at $4,832,324.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jean X. Hu sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $54.10, for a total transaction of $541,000.00. Following the sale, the chief financial officer now directly owns 89,253 shares of the company’s stock, valued at approximately $4,828,587.30. The disclosure for this sale can be found here. Insiders sold 44,253 shares of company stock valued at $2,286,719 in the last ninety days. 0.29% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. BlackRock Inc. grew its stake in Marvell Technology Group by 25.6% during the 4th quarter. BlackRock Inc. now owns 58,521,126 shares of the semiconductor company’s stock valued at $2,782,095,000 after acquiring an additional 11,925,661 shares in the last quarter. Norges Bank purchased a new stake in Marvell Technology Group during the 4th quarter valued at about $287,104,000. Nuveen Asset Management LLC grew its stake in Marvell Technology Group by 46.9% during the 3rd quarter. Nuveen Asset Management LLC now owns 17,595,399 shares of the semiconductor company’s stock valued at $698,538,000 after acquiring an additional 5,615,471 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Marvell Technology Group by 99.9% during the 4th quarter. Bank of New York Mellon Corp now owns 5,305,411 shares of the semiconductor company’s stock valued at $252,219,000 after acquiring an additional 2,651,258 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Marvell Technology Group by 62.5% in the 4th quarter. First Trust Advisors LP now owns 5,484,468 shares of the semiconductor company’s stock valued at $260,732,000 after purchasing an additional 2,108,734 shares during the last quarter. 87.32% of the stock is owned by institutional investors.

Marvell Technology Group Company Profile

Marvell Technology Group Ltd., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.

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Earnings History and Estimates for Marvell Technology Group (NASDAQ:MRVL)

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