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Analysts predict that Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) will announce sales of $1.43 billion for the current quarter, according to Zacks. Eleven analysts have made estimates for Marvell Technology’s earnings, with the highest sales estimate coming in at $1.44 billion and the lowest estimate coming in at $1.42 billion. Marvell Technology reported sales of $832.28 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 71.8%. The firm is scheduled to report its next quarterly earnings report on Monday, January 1st.
According to Zacks, analysts expect that Marvell Technology will report full year sales of $6.14 billion for the current year, with estimates ranging from $6.01 billion to $6.55 billion. For the next year, analysts forecast that the business will report sales of $7.17 billion, with estimates ranging from $6.91 billion to $7.42 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Marvell Technology.
Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings results on Thursday, March 3rd. The semiconductor company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. The company’s quarterly revenue was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 earnings per share.
MRVL has been the topic of a number of recent research reports. Wells Fargo & Company dropped their target price on Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. Rosenblatt Securities raised their target price on Marvell Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Friday, March 4th. Morgan Stanley dropped their target price on Marvell Technology from $86.00 to $80.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. Zacks Investment Research lowered Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $76.00 target price on the stock. in a report on Wednesday, February 2nd. Finally, Barclays raised their target price on Marvell Technology from $100.00 to $115.00 in a report on Wednesday, January 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $97.31.
In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Tuesday, January 18th. The stock was sold at an average price of $79.06, for a total value of $2,371,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mitchell Gaynor sold 5,000 shares of Marvell Technology stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $70.54, for a total value of $352,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 195,106 shares of company stock valued at $14,143,738. 0.33% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of MRVL. Norges Bank purchased a new position in Marvell Technology during the fourth quarter worth about $651,354,000. Wellington Management Group LLP grew its position in Marvell Technology by 15.7% during the third quarter. Wellington Management Group LLP now owns 45,843,799 shares of the semiconductor company’s stock worth $2,764,839,000 after buying an additional 6,222,814 shares in the last quarter. Invesco Ltd. grew its position in Marvell Technology by 79.7% during the fourth quarter. Invesco Ltd. now owns 6,314,046 shares of the semiconductor company’s stock worth $552,416,000 after buying an additional 2,801,069 shares in the last quarter. BlackRock Inc. lifted its stake in Marvell Technology by 3.4% during the fourth quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock worth $6,190,323,000 after purchasing an additional 2,305,751 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in Marvell Technology by 20.7% during the fourth quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock worth $1,115,193,000 after purchasing an additional 2,188,891 shares during the last quarter. Institutional investors and hedge funds own 82.49% of the company’s stock.
NASDAQ:MRVL traded up $0.91 on Friday, hitting $61.64. The stock had a trading volume of 298,443 shares, compared to its average volume of 9,838,831. The business’s fifty day moving average is $68.91 and its 200 day moving average is $72.84. The company has a market cap of $52.26 billion, a PE ratio of -113.93, a P/E/G ratio of 2.18 and a beta of 1.20. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. Marvell Technology has a 52 week low of $40.79 and a 52 week high of $93.85.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 27th. Stockholders of record on Friday, April 8th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Thursday, April 7th. Marvell Technology’s dividend payout ratio (DPR) is presently -44.44%.
About Marvell Technology (Get Rating)
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; ASIC; and printer System-on-a-Chip products and application processors.
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