Marvell Technology Group Ltd. (MRVL) Issues Q3 Earnings Guidance

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Marvell Technology Group Ltd. (NASDAQ:MRVL) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.08-0.13 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.14. The company issued revenue guidance of revs flat to down 4% QoQ to $601.35 million, compared to the consensus revenue estimate of $642.65 million.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) opened at 13.01 on Tuesday. The stock’s 50 day moving average is $11.71 and its 200 day moving average is $10.42. Marvell Technology Group Ltd. has a 12 month low of $7.40 and a 12 month high of $13.06. The stock’s market cap is $6.65 billion.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings results on Tuesday, September 6th. The company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. During the same period last year, the firm earned $0.12 EPS. The business had revenue of $626 million for the quarter, compared to analysts’ expectations of $630.15 million. The company’s revenue was down 11.8% compared to the same quarter last year. Analysts predict that Marvell Technology Group Ltd. will post $0.40 earnings per share for the current fiscal year.

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Several equities analysts have weighed in on MRVL shares. B. Riley reaffirmed a buy rating and set a $15.00 target price on shares of Marvell Technology Group in a research note on Monday, May 9th. Zacks Investment Research cut Marvell Technology Group from a buy rating to a hold rating in a research note on Tuesday, May 17th. Cowen and Company reaffirmed an outperform rating and set a $15.00 target price on shares of Marvell Technology Group in a research note on Friday, June 10th. BMO Capital Markets reaffirmed a hold rating on shares of Marvell Technology Group in a research note on Monday, June 13th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Marvell Technology Group in a research note on Wednesday, June 29th. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $11.96.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.

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