Marvell Technology (NASDAQ:MRVL) Updates Q2 2022 Earnings Guidance

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.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 28th. Shareholders of record on Friday, July 9th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Thursday, July 8th. Marvell Technology’s dividend payout ratio (DPR) is presently 41.38%.

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

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