Why Are Shares Of Marvell Trading Higher Today?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) are trading higher Wednesday after the company beat third quarter earnings estimates.

What To Know: Marvell, which produces data infrastructure and semiconductors, reported quarterly earnings of $0.76 per share, which beat the analyst consensus estimate of $0.73. The company reported quarterly sales of $2.075 billion, which came in slightly above analyst consensus estimate of $2.068 billion.

Marvell also shared guidance for the fourth quarter, meeting analyst estimates. The company is eyeing adjusted earnings-per-share between 74 cents and 84 cents, with analysts expecting 78 cents. The company also sees fourth quarter sales landing between $2.09 billion and $2.31 billion. Analysts expect sales of $2.178 billion.

Marvell is also acquiring Celestial AI, an AI computing company, for $3.25 billion, consisting of $1.0 billion in cash, as well as approximately 27.2 million shares of Marvell common stock, having a value of $2.25 billion.

Several analysts changed their price targets on the stock recently.

• Morgan Stanley analyst Joseph Moore raised the price target to $112 from $86 and kept an equal weight rating.
• TD Cowen analyst Joshua Buchalter raised the price target to $100 from $90 and kept a hold rating.
• JPMorgan analyst Harlan Sur raised the firm’s price target to $130 from $120 and kept an overweight rating.
• Barclays analyst Tom O’Malley raised the firm’s price target to $105 from $80 and kept an equal weight rating.

MRVL Price Action: Shares of Marvell were up 5.17% and trading at $97.69 at the time of publication, according to Benzinga Pro.

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