Marvell Technology (NASDAQ: MRVL – Get Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $ 0.53- $ 0.59 for the period, compared to the consensus earnings per share estimate of $ 0.55. The company issued revenue guidance of $ 1.47 billion- $ 1.56 billion, compared to the consensus revenue estimate of $ 1.49 billion.
Several analysts have commented on the stock. StockNews.com lowered shares of Marvell Technology from a hold rating to a sell rating in a research report on Friday, June 10th. Cowen decreased their price target on shares of Marvell Technology from $ 100.00 to $ 85.00 in a research report on Friday, May 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Marvell Technology from $ 80.00 to $ 75.00 in a research report on Friday, May 27th. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $ 120.00 to $ 125.00 and gave the company a buy rating in a research report on Friday, March 4th. Finally, Morgan Stanley decreased their price objective on shares of Marvell Technology from $ 68.00 to $ 62.00 and set an equal weight rating for the company in a research report on Friday, June 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of Moderate Buy and a consensus target price of $ 87.77.
Shares of NASDAQ MRVL opened at $ 46.26 on Friday. Marvell Technology has a 12 month low of $ 43.68 and a 12 month high of $ 93.85. The firm’s 50 day simple moving average is $ 56.01 and its 200-day simple moving average is $ 68.11. The company has a quick ratio of 1.13, a current ratio of 1.67 and a debt-to-equity ratio of 0.29.
Marvell Technology (NASDAQ: MRVL – Get Rating) last issued its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $ 0.37 EPS for the quarter, hitting analysts’ consensus estimates of $ 0.37. The business had revenue of $ 1.45 billion for the quarter, compared to analysts’ expectations of $ 1.43 billion. Marvell Technology had a negative net margin of 9.82% and a positive return on equity of 6.92%. The business’s revenue was up 73.8% on a year-over-year basis. During the same quarter last year, the company earned $ 0.15 EPS. Equities analysts predict that Marvell Technology will post 1.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Investors of record on Friday, July 8th will be paid a $ 0.06 dividend. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $ 0.24 dividend on an annualized basis and a yield of 0.52%. Marvell Technology’s dividend payout ratio is currently -39.34%.
In other Marvell Technology news, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $ 48.80, for a total value of $ 244,000.00. Following the transaction, the executive vice president now owns 120,563 shares in the company, valued at approximately $ 5,883,474.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Muhammad Raghib Hussain sold 45,782 shares of the firm’s stock in a transaction on Tuesday, April 19th. The shares were sold at an average price of $ 61.08, for a total value of $ 2,796,364.56. Following the completion of the transaction, the insider now owns 618,298 shares in the company, valued at approximately $ 37,765,641.84. The disclosure for this sale can be found here. Insiders sold a total of 201,216 shares of company stock worth $ 12,895,253 in the last three months. 0.45% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC lifted its holdings in Marvell Technology by 119.5% in the 1st quarter. International Assets Investment Management LLC now owns 11,844 shares of the semiconductor company stock valued at $ 849,000 after purchasing an additional 6,448 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Marvell Technology by 13.7% during the 1st quarter. EP Wealth Advisors LLC now owns 9,955 shares of the semiconductor company stock worth $ 714,000 after acquiring an additional 1,202 shares during the period. Wahed Invest LLC increased its position in shares of Marvell Technology by 3.5% during the 1st quarter. Wahed Invest LLC now owns 9,924 shares of the semiconductor company stock worth $ 712,000 after purchasing an additional 331 shares during the last quarter. Wetherby Asset Management Inc. increased its position in shares of Marvell Technology by 8.8% during the 1st quarter. Wetherby Asset Management Inc. now owns 9,245 shares of the semiconductor company stock worth $ 663,000 after purchasing an additional 744 shares during the last quarter. Finally, Keeley Teton Advisors LLC acquired a new stake in shares of Marvell Technology during the 1st quarter worth about $ 653,000. Institutional investors own 83.11% of the company stock.
About Marvell Technology: (Get Rating)
Marvell Technology, Inc., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
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