Marvell Technology Inc (NASDAQ:MRVL) shares traded -1.59% lower at $71.92 on Wall Street last session.
MRVL stock price is now 4.21% away from the 50-day moving average and 16.85% away from the 200-day moving average. The market capitalization of the company currently stands at $62.25B.
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With the price target of $85, Jefferies recently initiated with Buy rating for Marvell Technology Inc (NASDAQ: MRVL). On April 16, 2024, Evercore ISI recently initiated its ‘Outperform’ rating on the stock quoting a target price of $88, while ‘Summit Insights’ rates the stock as ‘Buy’
In other news, MURPHY MATTHEW J, Chair of Board, President, CEO sold 30,000 shares of the company’s stock on May 15 ’24. The stock was sold for $2,075,400 at an average price of $69.18. Upon completion of the transaction, the Chair of Board, President, CEO now directly owns 686,545 shares in the company, valued at $49.38 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 15 ’24, EVP, Chief Operations Officer Koopmans Chris sold 5,000 shares of the business’s stock. A total of $342,850 was realized by selling the stock at an average price of $68.57. This leaves the insider owning 119,719 shares of the company worth $8.61 million. A total of 1.16% of the company’s stock is owned by insiders.
During the past 12 months, Marvell Technology Inc has had a low of $42.03 and a high of $85.76. As of last week, the company has a debt-to-equity ratio of 0.32, a current ratio of 1.69, and a quick ratio of 1.21.
According to the Semiconductors Company, earnings per share came in at 0.31, beating analysts’ expectations of 0.29 by 0.02. This compares to -$0.02 EPS in the same period last year. The net profit margin was -16.95% and return on equity was -6.13% for MRVL. The company reported revenue of $1.43 billion for the quarter, compared to $1.42 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 0.56 percent. For the current quarter, analysts expect MRVL to generate $1.18B in revenue.
