Marvell Technology (NASDAQ:MRVL) Updates Q2 2023 Earnings Guidance

Marvell Technology (NASDAQ:MRVLGet Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.53-$0.59 for the period, compared to the consensus estimate of $0.55. The company issued revenue guidance of $1.47 billion-$1.56 billion, compared to the consensus revenue estimate of $1.49 billion.

Several brokerages have recently issued reports on MRVL. TheStreet cut Marvell Technology from a b- rating to a c rating in a report on Friday, March 4th. Oppenheimer decreased their price objective on Marvell Technology from $110.00 to $90.00 and set an outperform rating on the stock in a report on Friday, May 20th. Zacks Investment Research raised Marvell Technology from a hold rating to a buy rating and set a $64.00 target price on the stock in a research report on Tuesday. Cowen cut their target price on Marvell Technology from $100.00 to $85.00 and set an outperform rating on the stock in a research report on Friday, May 27th. Finally, Summit Insights downgraded Marvell Technology from a buy rating to a hold rating in a research report on Friday, March 4th. Four analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $86.57.

Shares of NASDAQ MRVL opened at $58.04 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.28 and a current ratio of 1.67. Marvell Technology has a 1-year low of $46.77 and a 1-year high of $93.85. The business has a fifty day moving average price of $61.26 and a 200 day moving average price of $70.61.

Marvell Technology (NASDAQ:MRVLGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The firm 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 6.92% and a negative net margin of 9.82%. The firm’s quarterly revenue was up 73.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. On average, research analysts predict that Marvell Technology will post 1.73 EPS for the current year.

In other Marvell Technology news, Director Ford Tamer sold 48,051 shares of the firm’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total transaction of $3,440,932.11. Following the completion of the sale, the director now owns 331,083 shares of the company’s stock, valued at $23,708,853.63. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $64.42, for a total value of $1,932,600.00. The disclosure for this sale can be found here. Insiders sold 229,704 shares of company stock worth $14,801,033 over the last three months. Corporate insiders own 0.45% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Robeco Schweiz AG increased its position in Marvell Technology by 55.3% during the 1st quarter. Robeco Schweiz AG now owns 1,404,000 shares of the semiconductor company’s stock worth $100,681,000 after purchasing an additional 500,000 shares during the period. Avalon Investment & Advisory purchased a new stake in Marvell Technology in the 1st quarter valued at approximately $28,359,000. Eaton Vance Management lifted its stake in shares of Marvell Technology by 89.9% during the 1st quarter. Eaton Vance Management now owns 458,977 shares of the semiconductor company’s stock worth $32,913,000 after purchasing an additional 217,220 shares during the period. State Street Corp lifted its stake in shares of Marvell Technology by 0.9% during the 1st quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock worth $1,336,123,000 after purchasing an additional 174,753 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Marvell Technology by 781.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 180,435 shares of the semiconductor company’s stock worth $13,135,000 after buying an additional 159,972 shares during the period. 83.11% of the stock is owned by hedge funds and other institutional investors.

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.

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