Marvell Technology (NASDAQ:MRVL) updated its second quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.280-0.340 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.300. The company issued revenue guidance of $1.03 billion-1.10 billion, compared to the consensus revenue estimate of $1.04 billion.
Marvell Technology stock traded down $0.49 during trading hours on Friday, hitting $51.31. The stock had a trading volume of 294,361 shares, compared to its average volume of 10,295,983. Marvell Technology has a 1-year low of $32.53 and a 1-year high of $55.70. The company has a market cap of $34.67 billion, a PE ratio of -123.33, a price-to-earnings-growth ratio of 2.32 and a beta of 1.10. The firm has a fifty day simple moving average of $47.06. The company has a quick ratio of 1.25, a current ratio of 1.50 and a debt-to-equity ratio of 0.12.
Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. Marvell Technology had a negative net margin of 8.13% and a positive return on equity of 5.25%. During the same period in the prior year, the firm earned $0.18 EPS. On average, research analysts expect that Marvell Technology will post 1.02 EPS for the current fiscal year.
Several research analysts recently weighed in on MRVL shares. Piper Sandler boosted their target price on shares of Marvell Technology from $55.00 to $60.00 and gave the company an overweight rating in a research note on Tuesday. Summit Insights raised shares of Marvell Technology from a hold rating to a buy rating in a research note on Tuesday. Wells Fargo & Company lifted their target price on shares of Marvell Technology from $45.00 to $50.00 and gave the stock an equal weight rating in a research note on Tuesday. William Blair reissued an outperform rating on shares of Marvell Technology in a research note on Tuesday. Finally, JPMorgan Chase & Co. began coverage on Marvell Technology in a research report on Tuesday. They issued an overweight rating for the company. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $54.70.
In other news, CEO Matthew J. Murphy sold 7,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $47.89, for a total transaction of $359,175.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Jean X. Hu sold 16,071 shares of the business’s stock in a transaction on Thursday, April 15th. The stock was sold at an average price of $48.54, for a total transaction of $780,086.34. Following the transaction, the chief financial officer now directly owns 73,182 shares in the company, valued at $3,552,254.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,071 shares of company stock worth $2,357,411. Company insiders own 0.33% of the company’s stock.
About Marvell Technology
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; application specific integrated circuits; and printer SoC products and application processors.
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