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 Stock Performance

Shares of NASDAQ MRVL traded down $0.95 during midday trading on Tuesday, hitting $95.91. 22,881,080 shares of the company’s stock were exchanged, compared to its average volume of 9,022,518. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $98.72. The firm’s fifty day simple moving average is $83.01 and its 200-day simple moving average is $74.56.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

MRVL has been the topic of several analyst reports. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Benchmark lifted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Oppenheimer lifted their target price on Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $96.43.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last three months. 0.33% of the stock is owned by insiders.

About Marvell Technology

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.