Marvell Technology (NASDAQ:MRVL) Issues Q2 Earnings Guidance

Marvell Technology (NASDAQ:MRVLGet Rating) updated its second quarter 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 $1.47-1.56 billion, compared to the consensus revenue estimate of $1.49 billion.Marvell Technology also updated its Q2 2023 guidance to $0.53-$0.59 EPS.

Several research firms have recently issued reports on MRVL. Summit Insights cut Marvell Technology from a buy rating to a hold rating in a research note on Friday, March 4th. UBS Group dropped their price target on Marvell Technology from $95.00 to $80.00 and set a buy rating on the stock in a research report on Monday. TheStreet downgraded Marvell Technology from a b- rating to a c rating in a report on Friday, March 4th. Raymond James raised Marvell Technology from a market perform rating to an outperform rating and set a $80.00 target price on the stock in a report on Monday, April 25th. Finally, Barclays dropped their target price on Marvell Technology from $90.00 to $80.00 and set an overweight rating on the stock in a report on Monday, April 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, Marvell Technology has a consensus rating of Buy and an average target price of $91.74.

MRVL traded up $3.03 during midday trading on Thursday, reaching $56.99. The company had a trading volume of 15,425,387 shares, compared to its average volume of 11,124,226. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $62.13 and a two-hundred day moving average of $70.97. The company has a market cap of $48.48 billion, a P/E ratio of -105.54, a P/E/G ratio of 1.80 and a beta of 1.27. Marvell Technology has a 1 year low of $46.77 and a 1 year high of $93.85.

Marvell Technology (NASDAQ:MRVLGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The semiconductor company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. The business’s quarterly revenue was up 73.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.15 earnings per share. On average, equities research analysts predict that Marvell Technology will post 1.73 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 27th. Stockholders of record on Friday, April 8th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date was Thursday, April 7th. Marvell Technology’s dividend payout ratio (DPR) is -44.44%.

In other news, insider Muhammad Raghib Hussain sold 45,782 shares of the company’s stock in a transaction dated Tuesday, April 19th. The stock was 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 of the company’s stock, valued at $37,765,641.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ford Tamer sold 48,051 shares of the company’s stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total value of $3,440,932.11. Following the completion of the transaction, the director now directly owns 331,083 shares of the company’s stock, valued at approximately $23,708,853.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,610 shares of company stock valued at $13,591,746. Corporate insiders own 0.45% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in Marvell Technology by 0.9% during the first quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock valued at $1,336,123,000 after buying an additional 174,753 shares during the last quarter. Northern Trust Corp boosted its stake in Marvell Technology by 0.5% during the first quarter. Northern Trust Corp now owns 5,236,542 shares of the semiconductor company’s stock valued at $375,511,000 after buying an additional 26,221 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 5.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,354,396 shares of the semiconductor company’s stock valued at $168,834,000 after buying an additional 113,403 shares during the last quarter. Robeco Schweiz AG boosted its stake in Marvell Technology by 55.3% during the first quarter. Robeco Schweiz AG now owns 1,404,000 shares of the semiconductor company’s stock valued at $100,681,000 after buying an additional 500,000 shares during the last quarter. Finally, Eaton Vance Management boosted its stake in Marvell Technology by 89.9% during the first quarter. Eaton Vance Management now owns 458,977 shares of the semiconductor company’s stock valued at $32,913,000 after buying an additional 217,220 shares during the last quarter. 83.11% of the stock is owned by institutional investors.

Marvell Technology Company Profile (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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Earnings History and Estimates for Marvell Technology (NASDAQ:MRVL)

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