Q2 2024 EPS Estimates for Marvell Technology, Inc. (NASDAQ:MRVL) Cut by Analyst

Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) – Stock analysts at KeyCorp lowered their Q2 2024 earnings per share (EPS) estimates for Marvell Technology in a research note issued to investors on Sunday, May 21st. KeyCorp analyst J. Vinh now anticipates that the semiconductor company will post earnings of $0.15 per share for the quarter, down from their prior estimate of $0.19. KeyCorp currently has a “Overweight” rating and a $60.00 price target on the stock. The consensus estimate for Marvell Technology’s current full-year earnings is $0.86 per share. KeyCorp also issued estimates for Marvell Technology’s FY2024 earnings at $0.81 EPS and FY2025 earnings at $1.44 EPS.

Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share.

MRVL has been the subject of several other research reports. Stifel Nicolaus dropped their price target on Marvell Technology from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, April 19th. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Marvell Technology in a report on Friday, March 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Marvell Technology from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. StockNews.com started coverage on shares of Marvell Technology in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Morgan Stanley raised their target price on shares of Marvell Technology from $41.00 to $45.00 in a report on Friday, March 3rd. Three investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.00.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $45.98 on Wednesday. The firm has a fifty day simple moving average of $40.98 and a two-hundred day simple moving average of $41.47. The company has a quick ratio of 0.93, a current ratio of 1.37 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $39.50 billion, a P/E ratio of -242.00, a PEG ratio of 16.12 and a beta of 1.44. Marvell Technology has a 52 week low of $33.75 and a 52 week high of $61.50.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MRVL. Guardian Wealth Advisors LLC purchased a new position in Marvell Technology in the third quarter valued at about $26,000. Barrett & Company Inc. acquired a new position in shares of Marvell Technology during the first quarter worth $26,000. MADDEN SECURITIES Corp purchased a new stake in shares of Marvell Technology during the 4th quarter valued at $27,000. Resurgent Financial Advisors LLC purchased a new position in Marvell Technology during the 4th quarter worth $28,000. Finally, Trifecta Capital Advisors LLC acquired a new position in Marvell Technology during the 4th quarter valued at about $32,000. 81.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $45.00, for a total value of $270,000.00. Following the completion of the sale, the executive vice president now owns 12,879 shares of the company’s stock, valued at approximately $579,555. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.45% of the company’s stock.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Wednesday, April 5th. Marvell Technology’s payout ratio is -126.32%.

About Marvell Technology

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.