Marvell Technology, Inc. (NASDAQ:MRVL) – Analysts at William Blair lowered their Q2 2022 earnings per share (EPS) estimates for shares of Marvell Technology in a research report issued to clients and investors on Tuesday, June 8th. William Blair analyst A. Vecchi now anticipates that the semiconductor company will post earnings of $0.18 per share for the quarter, down from their prior forecast of $0.21. William Blair currently has a “Outperform” rating on the stock. William Blair also issued estimates for Marvell Technology’s FY2022 earnings at $0.91 EPS, Q1 2023 earnings at $0.26 EPS, Q3 2023 earnings at $0.38 EPS, Q4 2023 earnings at $0.40 EPS and FY2023 earnings at $1.36 EPS.
A number of other research analysts also recently commented on the stock. Rosenblatt Securities increased their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler increased their price target on shares of Marvell Technology from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. Susquehanna Bancshares reaffirmed a “buy” rating on shares of Marvell Technology in a report on Thursday, June 3rd. TheStreet downgraded shares of Marvell Technology from a “b-” rating to a “c” rating in a report on Wednesday, March 3rd. Finally, JPMorgan Chase & Co. started coverage on shares of Marvell Technology in a research report on Tuesday. They issued an “overweight” rating on the stock. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Marvell Technology presently has a consensus rating of “Buy” and an average price target of $54.70.
Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Sunday, June 6th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Marvell Technology had a negative net margin of 8.13% and a positive return on equity of 5.25%. During the same quarter in the prior year, the firm posted $0.18 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, July 8th. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. Marvell Technology’s payout ratio is currently 41.38%.
In other news, CEO Matthew J. Murphy sold 7,500 shares of Marvell Technology stock in a transaction on Monday, March 15th. The shares were sold at an average price of $47.89, for a total transaction of $359,175.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 20,000 shares of the firm’s stock in a transaction on Monday, May 17th. The stock was sold at an average price of $42.66, for a total transaction of $853,200.00. The disclosure for this sale can be found here. Insiders have sold 51,071 shares of company stock valued at $2,357,411 over the last quarter. Insiders own 0.33% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. TRU Independence Asset Management 2 LLC purchased a new position in shares of Marvell Technology during the fourth quarter worth $25,000. Encompass Wealth Advisors LLC purchased a new position in Marvell Technology in the fourth quarter valued at $25,000. Safeguard Investment Advisory Group LLC purchased a new position in Marvell Technology in the fourth quarter valued at $25,000. Arlington Partners LLC purchased a new position in Marvell Technology in the first quarter valued at $33,000. Finally, Oder Investment Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at $36,000. 89.31% of the stock is owned by hedge funds and other institutional investors.
About Marvell Technology
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; application specific integrated circuits; and printer SoC products and application processors.
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