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

Marvell Technology (NASDAQ:MRVLGet Rating) issued an update on its third quarter 2023 earnings guidance on Tuesday morning. 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.

Marvell Technology Trading Down 2.2 %

Shares of MRVL stock traded down $0.95 on Friday, hitting $42.57. The company had a trading volume of 450,891 shares, compared to its average volume of 10,725,321. The firm has a market cap of $36.30 billion, a P/E ratio of -164.23, a P/E/G ratio of 1.85 and a beta of 1.51. The stock’s 50-day moving average is $50.95 and its two-hundred day moving average is $55.56. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.35. Marvell Technology has a twelve month low of $41.07 and a twelve month high of $93.85.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its earnings results on Thursday, August 25th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue was up 41.0% on a year-over-year basis. On average, equities research analysts anticipate that Marvell Technology will post 1.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on MRVL. BMO Capital Markets decreased their target price on Marvell Technology from $98.00 to $82.00 in a research note on Friday, May 27th. Cowen reduced their price objective on Marvell Technology from $100.00 to $85.00 in a research note on Friday, May 27th. Barclays reduced their price objective on Marvell Technology from $80.00 to $60.00 and set an overweight rating for the company in a research note on Monday, July 25th. Deutsche Bank Aktiengesellschaft reduced their price objective on Marvell Technology from $75.00 to $65.00 in a research note on Wednesday, July 20th. Finally, Raymond James reissued a buy rating and issued a $80.00 price objective on shares of Marvell Technology in a research note on Friday, May 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $81.21.

Insider Activity

In other Marvell Technology news, EVP Mitchell Gaynor sold 5,000 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.67, for a total transaction of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at approximately $5,508,888.21. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $47.67, for a total value of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at approximately $5,508,888.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dan Christman sold 14,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 92,203 shares in the company, valued at $5,281,387.84. The disclosure for this sale can be found here. Insiders sold a total of 24,000 shares of company stock valued at $1,279,020 in the last 90 days. Company insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Worth Asset Management LLC acquired a new position in Marvell Technology during the first quarter worth about $40,000. Geneos Wealth Management Inc. purchased a new stake in shares of Marvell Technology during the first quarter worth about $146,000. XTX Topco Ltd purchased a new stake in shares of Marvell Technology during the first quarter worth about $201,000. Brighton Jones LLC grew its holdings in shares of Marvell Technology by 27.9% during the first quarter. Brighton Jones LLC now owns 3,088 shares of the semiconductor company’s stock worth $221,000 after buying an additional 674 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in shares of Marvell Technology by 65.2% during the first quarter. Loomis Sayles & Co. L P now owns 4,399 shares of the semiconductor company’s stock worth $316,000 after buying an additional 1,736 shares in the last quarter. Institutional investors and hedge funds own 80.95% of the company’s stock.

Marvell Technology Company Profile

(Get Rating)

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.

Read More

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

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.