Marvell Technology (NASDAQ:MRVL) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Marvell Technology (NASDAQ:MRVLGet Rating) issued its earnings results on Thursday. The semiconductor company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02, Briefing.com reports. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. Marvell Technology updated its Q2 guidance to $0.27-0.37 EPS.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded up $3.49 during mid-day trading on Thursday, reaching $49.47. The company had a trading volume of 34,110,949 shares, compared to its average volume of 11,891,938. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.37. Marvell Technology has a one year low of $33.75 and a one year high of $61.50. The firm has a market cap of $42.50 billion, a price-to-earnings ratio of -260.37, a PEG ratio of 16.38 and a beta of 1.44. The business’s 50-day simple moving average is $40.98 and its 200 day simple moving average is $41.47.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Wednesday, April 5th. Marvell Technology’s dividend payout ratio is currently -126.32%.

Insider Buying and Selling

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total value of $270,000.00. Following the transaction, the executive vice president now owns 12,879 shares in the company, valued at $579,555. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. STF Management LP bought a new stake in shares of Marvell Technology during the fourth quarter worth about $211,000. XTX Topco Ltd bought a new stake in shares of Marvell Technology during the first quarter valued at approximately $201,000. Systematic Financial Management LP bought a new stake in shares of Marvell Technology during the first quarter valued at approximately $171,000. Sunbelt Securities Inc. bought a new stake in Marvell Technology during the first quarter worth $152,000. Finally, Geneos Wealth Management Inc. bought a new position in Marvell Technology in the 1st quarter valued at $146,000. Institutional investors own 81.28% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on MRVL. Citigroup cut their price target on Marvell Technology from $65.00 to $58.00 in a report on Friday, March 3rd. Stifel Nicolaus decreased their price objective on Marvell Technology from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, April 19th. UBS Group decreased their price objective on Marvell Technology from $75.00 to $60.00 in a research report on Friday, March 3rd. KeyCorp decreased their price target on shares of Marvell Technology from $65.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, March 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of Marvell Technology from $54.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Marvell Technology Company Profile

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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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Earnings History for Marvell Technology (NASDAQ:MRVL)

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