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

by · The Markets Daily

Marvell Technology (NASDAQ:MRVL – Get Free Report) posted its quarterly earnings results on Tuesday. The semiconductor company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02, FiscalAI reports. The business had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%.

Marvell Technology Stock Up 2.0%

Shares of NASDAQ MRVL traded up $1.79 during mid-day trading on Tuesday, reaching $92.89. 27,479,610 shares of the company traded hands, compared to its average volume of 19,122,516. The company’s fifty day moving average is $86.38 and its two-hundred day moving average is $76.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 1.88. Marvell Technology has a fifty-two week low of $47.08 and a fifty-two week high of $127.48. The stock has a market cap of $80.08 billion, a PE ratio of -714.54, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, October 10th. Marvell Technology’s dividend payout ratio is -184.62%.

Marvell Technology announced that its board has initiated a stock repurchase program on Wednesday, September 24th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 7.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, COO Chris Koopmans acquired 6,800 shares of Marvell Technology stock in a transaction dated Thursday, September 25th. The stock was acquired at an average cost of $78.03 per share, for a total transaction of $530,604.00. Following the completion of the purchase, the chief operating officer owned 104,825 shares of the company’s stock, valued at $8,179,494.75. This represents a 6.94% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes acquired 3,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The shares were purchased at an average cost of $78.03 per share, with a total value of $265,302.00. Following the completion of the acquisition, the chief financial officer owned 132,159 shares in the company, valued at $10,312,366.77. This trade represents a 2.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 27,200 shares of company stock worth $2,109,632 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Strive Asset Management LLC bought a new stake in Marvell Technology during the third quarter valued at about $42,000. SeaCrest Wealth Management LLC bought a new position in shares of Marvell Technology in the third quarter worth about $239,000. GeoWealth Management LLC lifted its position in shares of Marvell Technology by 5.1% during the 3rd quarter. GeoWealth Management LLC now owns 2,808 shares of the semiconductor company’s stock worth $236,000 after purchasing an additional 135 shares during the last quarter. Redwood Financial Network Corp bought a new stake in Marvell Technology during the 2nd quarter valued at approximately $231,000. Finally, Gamco Investors INC. ET AL acquired a new stake in Marvell Technology in the 3rd quarter valued at approximately $296,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Marvell Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 24th. Wells Fargo & Company cut their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, August 29th. UBS Group lifted their price objective on Marvell Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, November 24th. Deutsche Bank Aktiengesellschaft upped their target price on Marvell Technology from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, September 25th. Finally, Cowen lowered Marvell Technology from a “buy” rating to a “hold” rating in a report on Tuesday, September 30th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fifteen have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.72.

Check Out Our Latest Stock Analysis on Marvell Technology

Marvell Technology Company Profile

(Get Free Report)

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.

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