Marvell Technology Group (NASDAQ:MRVL) Posts Earnings Results
May 29, 2020
Marvell Technology Group (NASDAQ:MRVL) released its quarterly earnings results on Thursday. The semiconductor company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04, RTT News reports. Marvell Technology Group had a net margin of 58.70% and a return on equity of 2.74%. The company had revenue of $694.00 million for the quarter, compared to analyst estimates of $680.19 million. During the same period last year, the firm earned $0.16 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. Marvell Technology Group updated its Q2 2021
After-Hours guidance to 0.17-0.23 EPS and its Q2 guidance to $0.17-$0.23 EPS.
NASDAQ:MRVL traded down $0.73 during mid-day trading on Thursday, hitting $29.97. 16,440,704 shares of the stock traded hands, compared to its average volume of 10,697,618. The business’s 50-day moving average price is $26.66 and its 200 day moving average price is $25.24. The company has a market cap of $20.39 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 3.21 and a beta of 1.02. Marvell Technology Group has a 12-month low of $16.45 and a 12-month high of $32.00. The company has a quick ratio of 1.71, a current ratio of 2.16 and a debt-to-equity ratio of 0.17.
A number of research analysts recently weighed in on MRVL shares. Bank of America reissued a “buy” rating and set a $29.00 price target on shares of Marvell Technology Group in a research report on Wednesday, April 8th. Piper Sandler reissued an “overweight” rating and set a $32.00 price target (up from $30.00) on shares of Marvell Technology Group in a research report on Thursday, March 5th. Cowen lowered shares of Marvell Technology Group from an “outperform” rating to an “underperform” rating and dropped their price target for the company from $27.00 to $18.00 in a research report on Friday, February 7th. B. Riley lifted their price objective on shares of Marvell Technology Group from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Finally, Citigroup lifted their price objective on shares of Marvell Technology Group from $31.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $29.32.
In related news, CAO Willem A. Meintjes sold 20,646 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $25.13, for a total transaction of $518,833.98. Following the completion of the transaction, the chief accounting officer now owns 33,853 shares of the company’s stock, valued at $850,725.89. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Dan Christman sold 5,732 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $20.48, for a total transaction of $117,391.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,235 shares of company stock valued at $1,434,632. 1.10% of the stock is owned by corporate insiders.
Marvell Technology Group Company Profile
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.