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

Marvell Technology (NASDAQ:MRVLGet Rating) released 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. The firm 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 9.44% and a positive return on equity of 5.60%. The company’s revenue for the quarter was up 73.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 earnings per share. 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 MRVL traded up $3.03 during trading hours on Thursday, reaching $56.99. 15,425,387 shares of the company traded hands, compared to its average volume of 11,124,226. The firm has a market cap of $48.48 billion, a price-to-earnings ratio of -105.54, a PEG ratio of 1.80 and a beta of 1.27. Marvell Technology has a 12-month low of $46.77 and a 12-month high of $93.85. The company has a current ratio of 1.80, a quick ratio of 1.28 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $62.13 and its 200 day moving average price is $70.97.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 27th. Stockholders of record on Friday, April 8th were paid a dividend of $0.06 per share. 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 is currently -44.44%.

In related news, insider Muhammad Raghib Hussain sold 45,782 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 618,298 shares of the company’s stock, valued at $37,765,641.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Loi Nguyen sold 9,778 shares of the company’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $66.07, for a total transaction of $646,032.46. The disclosure for this sale can be found here. Insiders have sold 208,610 shares of company stock valued at $13,591,746 over the last three months. Insiders own 0.45% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Strategic Wealth Advisors Group LLC lifted its stake in Marvell Technology by 2.2% in the fourth quarter. Strategic Wealth Advisors Group LLC now owns 10,854 shares of the semiconductor company’s stock worth $971,000 after acquiring an additional 229 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Marvell Technology by 7.0% in the fourth quarter. Integrated Wealth Concepts LLC now owns 4,313 shares of the semiconductor company’s stock worth $377,000 after purchasing an additional 283 shares in the last quarter. SkyView Investment Advisors LLC bought a new position in Marvell Technology in the fourth quarter worth about $26,000. Wahed Invest LLC raised its holdings in Marvell Technology by 3.5% in the first quarter. Wahed Invest LLC now owns 9,924 shares of the semiconductor company’s stock worth $712,000 after purchasing an additional 331 shares in the last quarter. Finally, Raymond James Trust N.A. raised its holdings in Marvell Technology by 2.8% in the first quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after purchasing an additional 344 shares in the last quarter. 83.11% of the stock is owned by institutional investors.

Several research firms have recently issued reports on MRVL. Wells Fargo & Company reduced their price objective on shares of Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, March 4th. Susquehanna reduced their price objective on shares of Marvell Technology from $105.00 to $90.00 in a research report on Wednesday. Piper Sandler reduced their price objective on shares of Marvell Technology from $100.00 to $80.00 in a research report on Friday, March 4th. UBS Group reduced their price target on shares of Marvell Technology from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday. Finally, B. Riley reduced their price target on shares of Marvell Technology from $95.00 to $72.00 in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $91.74.

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 for Marvell Technology (NASDAQ:MRVL)

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