Marvell Technology (NASDAQ:MRVL) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Marvell Technology (NASDAQ:MRVLGet Rating) posted its quarterly earnings data on Thursday. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01, RTT News reports. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s revenue for the quarter was up 73.8% compared to the same quarter last year. Marvell Technology updated its Q2 2023 guidance to $0.53-$0.59 EPS and its Q2 guidance to $0.53-0.59 EPS.

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

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

Several research firms have recently issued reports on MRVL. Zacks Investment Research downgraded shares of Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $76.00 price objective on the stock. in a report on Wednesday, February 2nd. Needham & Company LLC cut their price target on shares of Marvell Technology from $115.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Piper Sandler cut their price target on shares of Marvell Technology from $100.00 to $80.00 in a report on Friday, March 4th. Rosenblatt Securities increased their price target on shares of Marvell Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Finally, Susquehanna cut their price target on shares of Marvell Technology from $105.00 to $90.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $91.74.

In other Marvell Technology news, EVP Dan Christman sold 4,810 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $57.28, for a total value of $275,516.80. Following the transaction, the executive vice president now owns 108,393 shares in the company, valued at approximately $6,208,751.04. 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 have sold a total of 208,610 shares of company stock worth $13,591,746 in the last quarter. Insiders own 0.45% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MRVL. SkyView Investment Advisors LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $26,000. Worth Asset Management LLC acquired a new stake in shares of Marvell Technology in the 1st quarter worth $40,000. KB Financial Partners LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $62,000. Tobam acquired a new stake in shares of Marvell Technology in the 4th quarter worth $137,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Marvell Technology in the 1st quarter worth $146,000. Institutional investors own 83.11% of the company’s 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.

Read More

Earnings History for Marvell Technology (NASDAQ:MRVL)

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.