Marvell Technology Group Ltd. (NASDAQ:MRVL) – Stock analysts at B. Riley lifted their Q3 2019 earnings per share estimates for shares of Marvell Technology Group in a research report issued on Wednesday. B. Riley analyst C. Ellis now forecasts that the semiconductor company will post earnings per share of $0.33 for the quarter, up from their prior forecast of $0.30. B. Riley currently has a “Buy” rating and a $29.00 price objective on the stock. B. Riley also issued estimates for Marvell Technology Group’s Q4 2019 earnings at $0.32 EPS and FY2019 earnings at $1.19 EPS.
Marvell Technology Group (NASDAQ:MRVL) last posted its quarterly earnings data on Tuesday, November 28th. The semiconductor company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The business had revenue of $616.00 million for 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%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 earnings per share.
Marvell Technology Group (NASDAQ:MRVL) traded down $0.15 during mid-day trading on Monday, hitting $21.82. 6,344,550 shares of the company’s stock traded hands, compared to its average volume of 6,832,648. The stock has a market capitalization of $10,953.76, a price-to-earnings ratio of 23.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.13. Marvell Technology Group has a 1-year low of $13.83 and a 1-year high of $24.22.
In related news, major shareholder Sehat Sutardja sold 537,235 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $17.57, for a total transaction of $9,439,218.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marvell Semiconductor, Inc. Ca sold 9,812 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.20, for a total value of $208,014.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,147,425 shares of company stock worth $313,545,970. Insiders own 6.80% of the company’s stock.
Institutional investors 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 third quarter worth about $106,000. D.A. Davidson & CO. lifted its stake in Marvell Technology Group by 10.2% during the second quarter. D.A. Davidson & CO. now owns 6,461 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 600 shares during the last quarter. Massey Quick Simon & CO. LLC purchased a new stake in Marvell Technology Group during the third quarter worth approximately $124,000. Creative Planning lifted its stake in Marvell Technology Group by 39.8% during the second quarter. Creative Planning now owns 10,008 shares of the semiconductor company’s stock worth $165,000 after purchasing an additional 2,850 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Marvell Technology Group in the third quarter valued at approximately $203,000. 78.84% of the stock is owned by institutional investors and hedge funds.
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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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