Marvell Technology, Inc. (NASDAQ:MRVL) Expected to Announce Quarterly Sales of $1.15 Billion

Equities research analysts forecast that Marvell Technology, Inc. (NASDAQ:MRVL) will post $1.15 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Marvell Technology’s earnings. The highest sales estimate is $1.16 billion and the lowest is $1.14 billion. Marvell Technology posted sales of $750.14 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 53.3%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, December 2nd.

On average, analysts expect that Marvell Technology will report full-year sales of $4.28 billion for the current year, with estimates ranging from $4.24 billion to $4.40 billion. For the next year, analysts expect that the company will post sales of $5.19 billion, with estimates ranging from $5.04 billion to $5.30 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Marvell Technology.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Wednesday, August 25th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Marvell Technology had a negative net margin of 10.74% and a positive return on equity of 6.40%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm earned $0.21 EPS.

Several equities research analysts have recently weighed in on the stock. Craig Hallum raised shares of Marvell Technology from a “hold” rating to a “buy” rating and upped their target price for the stock from $63.00 to $85.00 in a report on Thursday, October 7th. Oppenheimer upped their target price on shares of Marvell Technology from $75.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday. TheStreet upgraded shares of Marvell Technology from a “c+” rating to a “b-” rating in a research report on Friday, August 27th. UBS Group increased their price target on shares of Marvell Technology from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Friday, August 27th. Finally, Bank of America increased their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $75.91.

In other news, EVP Loi Nguyen sold 872 shares of the company’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $72.68, for a total value of $63,376.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the company’s stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $61.86, for a total transaction of $309,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 270,979 shares of company stock valued at $19,273,481 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Hedge funds have recently modified their holdings of the company. IHT Wealth Management LLC raised its holdings in Marvell Technology by 31.3% in the 1st quarter. IHT Wealth Management LLC now owns 7,045 shares of the semiconductor company’s stock valued at $345,000 after acquiring an additional 1,679 shares during the period. Perigon Wealth Management LLC raised its holdings in Marvell Technology by 121.7% in the 1st quarter. Perigon Wealth Management LLC now owns 5,655 shares of the semiconductor company’s stock valued at $277,000 after acquiring an additional 3,104 shares during the period. Morgan Stanley raised its holdings in Marvell Technology by 65.0% in the 1st quarter. Morgan Stanley now owns 1,451,487 shares of the semiconductor company’s stock valued at $71,093,000 after acquiring an additional 571,978 shares during the period. Eaton Vance Management grew its position in shares of Marvell Technology by 2.3% during the 1st quarter. Eaton Vance Management now owns 183,704 shares of the semiconductor company’s stock worth $8,998,000 after purchasing an additional 4,117 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Marvell Technology during the 1st quarter worth approximately $8,136,000. 84.32% of the stock is currently owned by institutional investors.

Shares of MRVL traded up $0.64 during trading hours on Thursday, hitting $73.86. The stock had a trading volume of 4,826,037 shares, compared to its average volume of 8,056,434. The company’s fifty day moving average is $67.07 and its two-hundred day moving average is $59.60. Marvell Technology has a 52 week low of $37.92 and a 52 week high of $76.12. The stock has a market capitalization of $60.83 billion, a price-to-earnings ratio of -153.88, a P/E/G ratio of 3.74 and a beta of 1.08.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 27th. Stockholders of record on Monday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Thursday, October 7th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio is currently -50.00%.

Marvell Technology Company Profile

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

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Earnings History and Estimates for Marvell Technology (NASDAQ:MRVL)

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