Marvell Technology Group (NASDAQ:MRVL) issued its earnings results on Thursday. The semiconductor company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.02, RTT News reports. The company had revenue of $662.00 million during the quarter, compared to the consensus estimate of $651.07 million. Marvell Technology Group had a positive return on equity of 5.83% and a negative net margin of 12.18%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $0.32 EPS. Marvell Technology Group updated its Q2 2020 guidance to $0.13-0.17 EPS and its Q2 guidance to $0.13-0.17 EPS.
MRVL stock opened at $22.30 on Friday. The stock has a market cap of $14.68 billion, a price-to-earnings ratio of 33.12, a P/E/G ratio of 5.18 and a beta of 1.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.19 and a quick ratio of 1.76. Marvell Technology Group has a 52-week low of $14.34 and a 52-week high of $25.74.
Several brokerages have recently commented on MRVL. B. Riley reduced their target price on Marvell Technology Group from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley raised their target price on Marvell Technology Group from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday. Citigroup reduced their target price on Marvell Technology Group from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Friday. MKM Partners raised their target price on Marvell Technology Group from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Friday. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $27.00 target price (up from $24.00) on shares of Marvell Technology Group in a research note on Friday. Five investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $25.46.
A number of hedge funds have recently added to or reduced their stakes in the business. Cresset Asset Management LLC bought a new position in shares of Marvell Technology Group during the 1st quarter worth approximately $50,000. Quadrant Capital Group LLC lifted its position in shares of Marvell Technology Group by 1,266.3% during the 1st quarter. Quadrant Capital Group LLC now owns 2,678 shares of the semiconductor company’s stock worth $51,000 after buying an additional 2,482 shares in the last quarter. Tyers Asset Management LLC bought a new position in shares of Marvell Technology Group during the 1st quarter worth approximately $53,000. Loeb Partners Corp bought a new position in shares of Marvell Technology Group during the 4th quarter worth approximately $44,000. Finally, Massey Quick Simon & CO. LLC bought a new position in shares of Marvell Technology Group during the 1st quarter worth approximately $59,000.
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 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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