$1.15 Billion in Sales Expected for Marvell Technology, Inc. (NASDAQ:MRVL) This Quarter

Equities analysts expect Marvell Technology, Inc. (NASDAQ:MRVL) to report sales of $1.15 billion for the current quarter, Zacks reports. Ten analysts have made estimates for Marvell Technology’s earnings, with estimates ranging from $1.14 billion to $1.16 billion. Marvell Technology posted sales of $750.14 million during the same quarter last year, which suggests a positive year-over-year growth rate of 53.3%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Thursday, December 2nd.

On average, analysts expect that Marvell Technology will report full-year sales of $4.28 billion for the current fiscal year, with estimates ranging from $4.24 billion to $4.40 billion. For the next fiscal year, analysts forecast that the company will post sales of $5.19 billion, with estimates ranging from $5.04 billion to $5.30 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Marvell Technology.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Wednesday, August 25th. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Marvell Technology had a positive return on equity of 6.40% and a negative net margin of 10.74%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the company posted $0.21 earnings per share.

MRVL has been the subject of several recent research reports. Piper Sandler upped their price target on Marvell Technology from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, August 27th. William Blair reissued an “outperform” rating on shares of Marvell Technology in a research report on Thursday, October 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on Marvell Technology from $70.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, August 27th. Bank of America boosted their price objective on Marvell Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, October 7th. Finally, Morgan Stanley boosted their price objective on Marvell Technology from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 7th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $75.91.

Marvell Technology stock traded up $0.64 during trading on Thursday, hitting $73.86. 4,826,037 shares of the company were exchanged, compared to its average volume of 8,056,434. The business’s 50 day moving average is $67.07 and its 200 day moving average is $59.60. Marvell Technology has a 52 week low of $37.92 and a 52 week high of $76.12. The company has a market capitalization of $60.83 billion, a P/E ratio of -153.88, a PEG ratio of 3.74 and a beta of 1.08.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 27th. Investors of record on Monday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, October 7th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is -50.00%.

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 224,957 shares of Marvell Technology stock in a transaction that occurred on Monday, November 15th. The shares were sold at an average price of $72.58, for a total transaction of $16,327,379.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Loi Nguyen sold 872 shares of Marvell Technology stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $72.68, for a total transaction of $63,376.96. The disclosure for this sale can be found here. Insiders have sold a total of 270,979 shares of company stock worth $19,273,481 in the last three months. 0.33% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in MRVL. IHT Wealth Management LLC lifted its position in Marvell Technology by 31.3% during the first quarter. IHT Wealth Management LLC now owns 7,045 shares of the semiconductor company’s stock valued at $345,000 after purchasing an additional 1,679 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in shares of Marvell Technology by 121.7% in the 1st quarter. Perigon Wealth Management LLC now owns 5,655 shares of the semiconductor company’s stock worth $277,000 after acquiring an additional 3,104 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Marvell Technology by 65.0% in the 1st quarter. Morgan Stanley now owns 1,451,487 shares of the semiconductor company’s stock worth $71,093,000 after acquiring an additional 571,978 shares during the last quarter. Eaton Vance Management lifted its holdings in shares of Marvell Technology by 2.3% in the 1st quarter. Eaton Vance Management now owns 183,704 shares of the semiconductor company’s stock worth $8,998,000 after acquiring an additional 4,117 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Marvell Technology in the 1st quarter worth approximately $8,136,000. Institutional investors and hedge funds own 84.32% of the company’s stock.

Marvell Technology Company Profile

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

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

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