Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.98, but opened at $49.00. Marvell Technology shares last traded at $47.25, with a volume of 6,692,641 shares.
The semiconductor company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm earned $0.37 EPS.
Marvell Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio (DPR) is presently -126.32%.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Craig Hallum boosted their target price on Marvell Technology from $56.00 to $67.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on Marvell Technology from $50.00 to $65.00 in a research note on Friday. Susquehanna upped their price target on Marvell Technology from $53.00 to $60.00 in a research note on Friday. Evercore ISI upped their price target on Marvell Technology from $60.00 to $70.00 in a research note on Friday. Finally, Morgan Stanley upped their price target on Marvell Technology from $45.00 to $55.00 in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $62.85.
Insider Activity
In other news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total transaction of $270,000.00. Following the transaction, the executive vice president now directly owns 12,879 shares of the company’s stock, valued at $579,555. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Dean E. Jr. Jarnac sold 12,000 shares of the company’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $60.05, for a total transaction of $720,600.00. Following the completion of the sale, the executive vice president now owns 879 shares in the company, valued at $52,783.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $45.00, for a total value of $270,000.00. Following the sale, the executive vice president now owns 12,879 shares of the company’s stock, valued at approximately $579,555. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.
Institutional Trading of Marvell Technology
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Guardian Wealth Advisors LLC purchased a new stake in Marvell Technology in the third quarter worth about $26,000. Barrett & Company Inc. purchased a new stake in Marvell Technology in the first quarter worth about $26,000. MADDEN SECURITIES Corp purchased a new stake in Marvell Technology in the fourth quarter worth about $27,000. Resurgent Financial Advisors LLC purchased a new stake in Marvell Technology in the fourth quarter worth about $28,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in Marvell Technology in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.
Marvell Technology Stock Performance
The company has a debt-to-equity ratio of 0.25, a current ratio of 1.37 and a quick ratio of 0.93. The business has a 50-day simple moving average of $41.68 and a 200 day simple moving average of $41.70. The firm has a market cap of $56.28 billion, a PE ratio of -344.79, a PEG ratio of 16.16 and a beta of 1.44.
Marvell Technology Company Profile
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.
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