Marvell Technology (NASDAQ:MRVL) Releases Earnings Results, Beats Expectations By $0.02 EPS

Marvell Technology (NASDAQ:MRVL) posted its quarterly earnings results on Sunday. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02, RTT News reports. Marvell Technology had a negative net margin of 9.34% and a positive return on equity of 4.71%. During the same quarter in the prior year, the business posted $0.18 earnings per share.

Shares of NASDAQ MRVL traded up $2.22 during trading on Tuesday, hitting $50.49. 1,119,203 shares of the company traded hands, compared to its average volume of 10,220,869. Marvell Technology has a 1 year low of $32.53 and a 1 year high of $55.70. The stock has a 50-day moving average of $46.93. The company has a market cap of $34.12 billion, a price-to-earnings ratio of -119.28, a P/E/G ratio of 2.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.50 and a quick ratio of 1.25.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. Marvell Technology’s dividend payout ratio is presently 41.38%.

A number of equities research analysts have recently issued reports on MRVL shares. Evercore ISI lifted their price target on shares of Marvell Technology from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday. Needham & Company LLC lifted their price objective on Marvell Technology from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday. Wells Fargo & Company lifted their price objective on Marvell Technology from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Piper Sandler lifted their price objective on Marvell Technology from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, TheStreet downgraded Marvell Technology from a “b-” rating to a “c” rating in a research report on Wednesday, March 3rd. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Marvell Technology presently has an average rating of “Buy” and an average target price of $54.70.

In other news, CEO Matthew J. Murphy sold 7,500 shares of the business’s stock in a transaction on Thursday, April 15th. The shares were sold at an average price of $48.66, for a total transaction of $364,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jean X. Hu sold 16,071 shares of the business’s stock in a transaction on Thursday, April 15th. The shares were sold at an average price of $48.54, for a total transaction of $780,086.34. Following the sale, the chief financial officer now directly owns 73,182 shares of the company’s stock, valued at $3,552,254.28. The disclosure for this sale can be found here. Insiders have sold a total of 51,071 shares of company stock valued at $2,357,411 over the last three months. Corporate insiders own 0.29% of the company’s stock.

Marvell Technology Company Profile

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; application specific integrated circuits; and printer SoC products and application processors.

Featured Article: How Do Mutual Funds Work?

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.