Marvell Technology (NASDAQ:MRVL) Announces Quarterly Earnings Results

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, topping analysts’ consensus estimates of $0.51 by $0.01, MarketWatch Earnings reports. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the firm posted $0.15 EPS. The firm’s revenue 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.

MRVL stock opened at $60.82 on Friday. Marvell Technology has a 52 week low of $46.77 and a 52 week high of $93.85. 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 company has a fifty day simple moving average of $61.92 and a two-hundred day simple moving average of $70.88. The firm has a market capitalization of $51.74 billion, a P/E ratio of -112.63, a price-to-earnings-growth ratio of 1.80 and a beta of 1.27.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 27th. Shareholders 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 annualized dividend and a yield of 0.39%. Marvell Technology’s dividend payout ratio (DPR) is currently -44.44%.

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, April 19th. The shares were sold at an average price of $60.96, for a total value of $365,760.00. Following the transaction, the executive vice president now owns 24,879 shares of the company’s stock, valued at approximately $1,516,623.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Dan Christman sold 4,810 shares of the firm’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $57.28, for a total transaction of $275,516.80. Following the completion of the transaction, the executive vice president now directly owns 108,393 shares in the company, valued at approximately $6,208,751.04. The disclosure for this sale can be found here. Insiders sold a total of 208,610 shares of company stock valued at $13,591,746 in the last 90 days. Company insiders own 0.45% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. SkyView Investment Advisors LLC purchased a new position in Marvell Technology during the 4th quarter valued at about $26,000. KB Financial Partners LLC purchased a new position in Marvell Technology during the 4th quarter valued at about $62,000. Worth Asset Management LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $40,000. Tobam purchased a new position in Marvell Technology during the 4th quarter valued at about $137,000. Finally, Geneos Wealth Management Inc. purchased a new position in Marvell Technology during the 1st quarter valued at about $146,000. 83.11% of the stock is currently owned by institutional investors.

Several research firms have weighed in on MRVL. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Marvell Technology from $80.00 to $75.00 in a research note on Friday. Oppenheimer lowered their price target on shares of Marvell Technology from $110.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. Susquehanna decreased their price objective on shares of Marvell Technology from $105.00 to $90.00 in a research report on Wednesday. BMO Capital Markets decreased their price objective on shares of Marvell Technology from $98.00 to $82.00 in a research report on Friday. Finally, B. Riley decreased their price objective on shares of Marvell Technology from $95.00 to $72.00 in a research report on Monday, May 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $87.00.

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.

Further Reading

Earnings History for Marvell Technology (NASDAQ:MRVL)

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