Marvell Technology Group (NASDAQ:MRVL) Posts Quarterly Earnings Results, Hits Estimates
Marvell Technology Group (NASDAQ:MRVL) issued its quarterly earnings data on Tuesday. The semiconductor company reported $0.17 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.17, RTT News reports. Marvell Technology Group had a negative net margin of 14.42% and a positive return on equity of 5.25%. The company had revenue of $662.00 million for the quarter, compared to the consensus estimate of $660.94 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was down 22.2% compared to the same quarter last year. Marvell Technology Group updated its Q4 2020
After-Hours guidance to 0.15-0.19 EPS and its Q4 guidance to $0.15-$0.19 EPS.
Marvell Technology Group stock traded down $0.65 during trading on Tuesday, reaching $25.16. The company had a trading volume of 12,124,234 shares, compared to its average volume of 9,998,306. The firm has a market capitalization of $17.59 billion, a price-to-earnings ratio of 29.60, a price-to-earnings-growth ratio of 12.69 and a beta of 1.19. The company has a current ratio of 3.06, a quick ratio of 2.68 and a debt-to-equity ratio of 0.23. The firm’s 50-day simple moving average is $25.68 and its 200 day simple moving average is $24.73. Marvell Technology Group has a 52 week low of $14.34 and a 52 week high of $28.38.
MRVL has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Marvell Technology Group in a research report on Sunday, September 1st. Cowen set a $27.00 price target on Marvell Technology Group and gave the company an “outperform” rating in a report on Monday, August 26th. Craig Hallum upgraded Marvell Technology Group from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Friday, August 30th. Morgan Stanley set a $20.00 price target on Marvell Technology Group and gave the stock a “hold” rating in a research note on Friday, August 30th. Finally, B. Riley set a $28.00 price objective on Marvell Technology Group and gave the stock a “buy” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $27.42.
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.
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