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Marvell Technology (NASDAQ:MRVL) Issues Q3 2023 Earnings Guidance

Financial News Live · Sep 22, 2022 12:21

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.

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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.

Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its quarterly earnings data on Thursday, August 25th. The semiconductor company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. The firm had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.52 billion. Marvell Technology had a negative net margin of 3.95% and a positive return on equity of 7.94%. The firm's quarterly revenue was up 41.0% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS. Sell-side analysts forecast that Marvell Technology will post 1.61 earnings per share for the current year.

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.