Marvell Technology (NASDAQ:MRVL – Get Rating) updated its third quarter 2023 earnings guidance on Tuesday. The company provided EPS guidance of $0.56-$0.62 for the period, compared to the consensus EPS estimate of $0.60. The company issued revenue guidance of $1.51 billion-$1.61 billion, compared to the consensus revenue estimate of $1.58 billion.

Analysts Set New Price Targets

A number of research firms recently issued reports on MRVL. Cowen dropped their price target on shares of Marvell Technology from $100.00 to $85.00 and set an outperform rating on the stock in a research note on Friday, May 27th. Needham & Company LLC dropped their price target on shares of Marvell Technology from $105.00 to $75.00 in a research note on Friday, May 27th. Bank of America lifted their price target on shares of Marvell Technology from $60.00 to $65.00 in a research note on Sunday, August 28th. Cowen dropped their price target on shares of Marvell Technology from $100.00 to $85.00 in a research note on Friday, May 27th. Finally, Craig Hallum dropped their target price on shares of Marvell Technology to $90.00 in a report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $81.21.

Marvell Technology Trading Down 3.6 %

Shares of Marvell Technology stock traded down $1.65 during mid-day trading on Thursday, hitting $43.81. The stock had a trading volume of 348,555 shares, compared to its average volume of 10,444,632. The company has a quick ratio of 0.93, a current ratio of 1.35 and a debt-to-equity ratio of 0.25. The firm has a market cap of $37.35 billion, a P/E ratio of -174.85, a price-to-earnings-growth ratio of 1.84 and a beta of 1.51. The firm has a 50-day moving average of $51.02 and a two-hundred day moving average of $55.68. Marvell Technology has a 12-month low of $41.07 and a 12-month high of $93.85.

Insider Buying and Selling

In related news, EVP Dan Christman sold 14,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total transaction of $801,920.00. Following the completion of the transaction, the executive vice president now owns 92,203 shares of the company's stock, valued at approximately $5,281,387.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, EVP Dan Christman sold 14,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total value of $801,920.00. Following the completion of the transaction, the executive vice president now owns 92,203 shares of the company's stock, valued at approximately $5,281,387.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mitchell Gaynor sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.75, for a total transaction of $238,750.00. Following the completion of the transaction, the executive vice president now directly owns 108,429 shares of the company's stock, valued at approximately $5,177,484.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,000 shares of company stock valued at $1,279,020. Company insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Worth Asset Management LLC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $40,000. Geneos Wealth Management Inc. acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $146,000. XTX Topco Ltd acquired a new stake in Marvell Technology during the 1st quarter worth $201,000. Brighton Jones LLC raised its stake in Marvell Technology by 27.9% during the 1st quarter. Brighton Jones LLC now owns 3,088 shares of the semiconductor company's stock worth $221,000 after acquiring an additional 674 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in Marvell Technology by 65.2% during the 1st quarter. Loomis Sayles & Co. L P now owns 4,399 shares of the semiconductor company's stock worth $316,000 after acquiring an additional 1,736 shares in the last quarter. 80.95% of the stock is currently owned by institutional investors and hedge funds.

About Marvell Technology

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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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