Marvell Technology (NASDAQ:MRVL) Updates Q4 Earnings Guidance

Marvell Technology (NASDAQ:MRVL) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.54-0.64 for the period, compared to the consensus earnings per share estimate of $0.52. The company issued revenue guidance of $1.71-1.89 billion, compared to the consensus revenue estimate of $1.65 billion.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $0.95 during trading hours on Tuesday, reaching $95.91. 22,881,080 shares of the stock were exchanged, compared to its average volume of 9,022,518. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50 day simple moving average of $83.01 and a 200-day simple moving average of $74.56. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $98.72.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Analyst Ratings Changes

A number of research analysts have commented on MRVL shares. Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a report on Monday, October 14th. Wells Fargo & Company raised their price target on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Piper Sandler reissued an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.43.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last three months. 0.33% of the stock is currently owned by insiders.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.