Marvell Technology Group (NASDAQ:MRVL) posted its earnings results on Tuesday. The semiconductor company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.01, Bloomberg Earnings reports. The company had revenue of $851.05 million during the quarter, compared to the consensus estimate of $844.07 million. Marvell Technology Group had a net margin of 4.76% and a return on equity of 10.43%. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. Marvell Technology Group updated its Q4 2019 guidance to $0.30-0.34 EPS and its Q4 guidance to $0.30-0.34 EPS.

NASDAQ:MRVL opened at $15.50 on Thursday. The firm has a market cap of $10.21 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.97 and a beta of 1.01. Marvell Technology Group has a one year low of $14.69 and a one year high of $25.18. The company has a quick ratio of 1.76, a current ratio of 2.54 and a debt-to-equity ratio of 0.25.

Marvell Technology Group declared that its board has approved a stock buyback plan on Tuesday, October 16th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Several analysts have commented on the stock. UBS Group reissued an “in-line” rating and issued a $25.00 target price (down from $30.00) on shares of Marvell Technology Group in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Marvell Technology Group in a research note on Wednesday. ValuEngine cut shares of Marvell Technology Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Credit Suisse Group restated a “buy” rating and issued a $30.00 price objective on shares of Marvell Technology Group in a research note on Monday. Finally, Barclays reduced their price objective on shares of Marvell Technology Group from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, November 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $24.90.

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Marvell Technology Group by 5.1% during the 2nd quarter. FMR LLC now owns 55,789,566 shares of the semiconductor company’s stock valued at $1,196,128,000 after purchasing an additional 2,685,377 shares during the last quarter. Vanguard Group Inc. raised its stake in Marvell Technology Group by 45.0% during the 3rd quarter. Vanguard Group Inc. now owns 53,229,098 shares of the semiconductor company’s stock valued at $1,027,321,000 after purchasing an additional 16,517,490 shares during the last quarter. Starboard Value LP raised its stake in Marvell Technology Group by 1.7% during the 3rd quarter. Starboard Value LP now owns 34,289,997 shares of the semiconductor company’s stock valued at $661,797,000 after purchasing an additional 569,211 shares during the last quarter. BlackRock Inc. raised its stake in Marvell Technology Group by 34.5% during the 3rd quarter. BlackRock Inc. now owns 32,541,818 shares of the semiconductor company’s stock valued at $628,056,000 after purchasing an additional 8,349,897 shares during the last quarter. Finally, Standard Life Aberdeen plc raised its stake in Marvell Technology Group by 16.0% during the 2nd quarter. Standard Life Aberdeen plc now owns 14,359,692 shares of the semiconductor company’s stock valued at $307,944,000 after purchasing an additional 1,979,069 shares during the last quarter. Hedge funds and other institutional investors own 95.31% of the company’s stock.

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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 for Marvell Technology Group (NASDAQ:MRVL)

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