Marvell Technology Group (NASDAQ:MRVL) Updates Q4 2020 After-Hours Earnings Guidance

Marvell Technology Group (NASDAQ:MRVL) updated its fourth quarter 2020
After-Hours earnings guidance on Tuesday. The company provided EPS guidance of 0.15-0.19 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.21. The company issued revenue guidance of $727.5-772.5 million, compared to the consensus revenue estimate of $699.5 million.

NASDAQ:MRVL traded down $0.65 during trading hours on Tuesday, hitting $25.16. The company had a trading volume of 11,811,532 shares, compared to its average volume of 6,848,531. 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 company has a 50-day moving average of $25.66 and a 200 day moving average of $24.72. The company has a market cap of $17.59 billion, a P/E ratio of 29.60, a P/E/G ratio of 12.69 and a beta of 1.19. Marvell Technology Group has a 1 year low of $14.34 and a 1 year high of $28.38.

MRVL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. set a $27.00 price target on shares of Marvell Technology Group and gave the stock a buy rating in a report on Friday, August 30th. Barclays set a $30.00 price objective on Marvell Technology Group and gave the company a buy rating in a report on Friday, August 30th. BMO Capital Markets set a $28.00 price objective on Marvell Technology Group and gave the stock a buy rating in a research report on Monday, August 26th. Stifel Nicolaus reiterated a buy rating and issued a $29.00 price objective on shares of Marvell Technology Group in a research report on Friday, October 4th. Finally, UBS Group set a $29.00 target price on Marvell Technology Group and gave the stock a buy rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $27.42.

In related news, Director Michael G. Strachan sold 10,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $25.99, for a total transaction of $259,900.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 100,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $28.00, for a total value of $2,800,000.00. The disclosure for this sale can be found here. Insiders sold 370,933 shares of company stock valued at $9,666,982 over the last ninety days. Insiders own 1.10% of the company’s stock.

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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