Marvell Technology (NASDAQ:MRVL) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.280-0.340 for the period, compared to the Thomson Reuters consensus EPS 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 up $1.45 during mid-day trading on Thursday, hitting $51.80. The company’s stock had a trading volume of 9,463,048 shares, compared to its average volume of 10,295,983. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of -119.88, a PEG ratio of 2.32 and a beta of 1.10. Marvell Technology has a 1 year low of $32.53 and a 1 year high of $55.70. The company has a quick ratio of 1.25, a current ratio of 1.50 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average price of $47.02.
Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. Marvell Technology had a positive return on equity of 5.25% and a negative net margin of 8.13%. During the same period last year, the business earned $0.18 earnings per share. As a group, analysts predict that Marvell Technology will post 1.02 earnings per share for the current fiscal year.
Several research analysts have recently commented on the company. Susquehanna Bancshares restated a buy rating on shares of Marvell Technology in a research report on Thursday, June 3rd. Morgan Stanley raised their price target on Marvell Technology from $44.00 to $49.00 and gave the stock an equal weight rating in a research report on Monday, March 1st. TheStreet lowered Marvell Technology from a b- rating to a c rating in a research report on Wednesday, March 3rd. KeyCorp raised their price target on Marvell Technology from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Tuesday. Finally, Cowen increased their price objective on Marvell Technology from $46.00 to $50.00 and gave the company a market perform rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Marvell Technology has an average rating of Buy and a consensus price target of $54.70.
In other news, CEO Matthew J. Murphy sold 20,000 shares of Marvell Technology stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $42.66, for a total transaction of $853,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Jean X. Hu sold 16,071 shares of Marvell Technology stock in a transaction dated Thursday, April 15th. The stock was sold at an average price of $48.54, for a total value of $780,086.34. Following the sale, the chief financial officer now owns 73,182 shares in the company, valued at approximately $3,552,254.28. The disclosure for this sale can be found here. Insiders have sold 51,071 shares of company stock worth $2,357,411 in the last quarter. 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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