Q2 2024 Earnings Estimate for Marvell Technology, Inc. Issued By KeyCorp (NASDAQ:MRVL)

Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) – Equities researchers at KeyCorp dropped their Q2 2024 earnings per share estimates for Marvell Technology in a research note issued on Sunday, May 21st. KeyCorp analyst J. Vinh now forecasts that the semiconductor company will post earnings per share of $0.15 for the quarter, down from their previous estimate of $0.19. KeyCorp currently has a “Overweight” rating and a $60.00 price target on the stock. The consensus estimate for Marvell Technology’s current full-year earnings is $0.85 per share. KeyCorp also issued estimates for Marvell Technology’s FY2024 earnings at $0.81 EPS and FY2025 earnings at $1.44 EPS.

Several other analysts have also issued reports on the stock. StockNews.com initiated coverage on shares of Marvell Technology in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Piper Sandler dropped their target price on shares of Marvell Technology from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 3rd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Marvell Technology from $55.00 to $50.00 and set a “buy” rating for the company in a report on Friday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Marvell Technology in a report on Friday, March 3rd. Finally, Morgan Stanley raised their target price on Marvell Technology from $41.00 to $45.00 in a report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Marvell Technology Stock Up 7.6 %

MRVL stock opened at $49.47 on Wednesday. Marvell Technology has a one year low of $33.75 and a one year high of $61.50. The firm has a market cap of $42.50 billion, a PE ratio of -260.37, a PEG ratio of 16.38 and a beta of 1.44. The firm’s 50 day moving average price is $41.16 and its 200-day moving average price is $41.52. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.37.

Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Marvell Technology’s quarterly revenue was down 8.7% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC lifted its position in shares of Marvell Technology by 118,898.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after purchasing an additional 62,400,056 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Marvell Technology by 123.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock valued at $1,819,025,000 after purchasing an additional 23,220,407 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Marvell Technology by 2,626.8% during the 3rd quarter. Fisher Asset Management LLC now owns 11,556,965 shares of the semiconductor company’s stock valued at $495,909,000 after buying an additional 11,133,134 shares during the last quarter. Norges Bank acquired a new stake in shares of Marvell Technology during the fourth quarter worth approximately $188,566,000. Finally, Ameriprise Financial Inc. raised its holdings in Marvell Technology by 31.4% in the first quarter. Ameriprise Financial Inc. now owns 16,444,577 shares of the semiconductor company’s stock valued at $712,054,000 after acquiring an additional 3,934,276 shares in the last quarter. 81.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $45.00, for a total value of $270,000.00. Following the transaction, the executive vice president now directly owns 12,879 shares in the company, valued at approximately $579,555. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.45% of the stock is owned by insiders.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Friday, April 7th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This represents a $0.24 annualized dividend and a yield of 0.49%. Marvell Technology’s dividend payout ratio (DPR) is currently -126.32%.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.