Marvell Technology (NASDAQ:MRVL) Announces Quarterly Earnings Results

Marvell Technology (NASDAQ:MRVL – Get Rating) issued its earnings results on Thursday. The semiconductor company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02, Briefing.com reports. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. Marvell Technology updated its Q2 guidance to $0.27-0.37 EPS.

Marvell Technology Price Performance

Shares of MRVL opened at $49.47 on Friday. Marvell Technology has a 12-month low of $33.75 and a 12-month high of $61.50. The business’s fifty day moving average is $41.16 and its 200 day moving average is $41.52. 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 cap of $42.50 billion, a P/E ratio of -260.37, a P/E/G ratio of 16.16 and a beta of 1.44.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Friday, April 7th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Wednesday, April 5th. Marvell Technology’s dividend payout ratio is currently -126.32%.

Wall Street Analyst Weigh In

Several research analysts have commented on MRVL shares. Raymond James initiated coverage on Marvell Technology in a research note on Wednesday, March 1st. They set an “outperform” rating and a $54.00 target price for the company. Piper Sandler lowered their price objective on Marvell Technology from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 3rd. JPMorgan Chase & Co. upped their price objective on Marvell Technology from $60.00 to $70.00 in a research note on Friday. StockNews.com initiated coverage on Marvell Technology in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Susquehanna upped their price objective on Marvell Technology from $53.00 to $60.00 in a research note on Friday. Three investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $61.08.

Insider Buying and Selling

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the stock in a transaction on Thursday, May 18th. The stock was 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 directly owns 12,879 shares of the company’s stock, valued at approximately $579,555. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.45% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. Moneta Group Investment Advisors LLC raised its position in Marvell Technology by 118,898.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after buying an additional 62,400,056 shares during the last quarter. Norges Bank purchased a new stake in shares of Marvell Technology during the 4th quarter valued at $188,566,000. Renaissance Technologies LLC purchased a new stake in shares of Marvell Technology during the 1st quarter valued at $107,779,000. Price T Rowe Associates Inc. MD increased its position in shares of Marvell Technology by 12.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 18,789,405 shares of the semiconductor company’s stock valued at $695,960,000 after purchasing an additional 2,046,350 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of Marvell Technology by 6.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after purchasing an additional 1,603,857 shares during the last quarter. 81.28% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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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.