Technology

Marvell Technology’s Forecast Wasn’t Great. Analyst Says ‘Buy on Weakness.’ — Barrons.com

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By Emily Dattilo Marvell Technology’s financial outlook was disappointing for investors, but Wall Street strategists are recommending patience. When the semiconductor firm reported fourth-quarter earnings on Thursday, it said it expects revenue with a midpoint of $1.15 billion for the current quarter, lower than the $1.38 billion analysts had penciled in. “While we are forecasting soft demand impacting consumer, carrier infrastructure, and enterprise networking in the near term, we expect revenue declines in these end markets to be behind us after the first quarter, and project a recovery in the second half of the fiscal year,” CEO Matt Murphy said. Traders weren’t thrilled with the guidance, sending shares down 6% to $80.02 in premarket trading. Meanwhile, analysts channeled a more long-term and upbeat view. Needham researchers led by N. Quinn Bolton raised their price target on shares to $95 from $65 and maintained a Buy rating in a Friday report. […]

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DocuSign’s Fiscal Fourth-Quarter Results Show Strength in Core Technology as Wedbush Lifts Price Target

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DocuSign’s (DOCU) better-than-expected fiscal fourth-quarter results demonstrated continued robustness in its core technology, as the company saw improvements in the reach of its go-to-market initiatives and in the operating leverage of its business model, Wedbush Securities said in a Friday client note. The electronic signature firm late Thursday recorded an 8% gain in revenue for the quarter ended Jan. 31 to $712.4 million, topping the Capital IQ-polled consensus of $699.4 million. The topline surpassed the company’s own guidance as it saw further momentum with product innovation and customer growth globally, according to Wedbush. Billings advanced 13% on an annual basis to $833.1 million, with the company benefiting from spillovers from the prior three-month period. DocuSign also experienced renewal strength in the quarter with sharp use cases across the small- and medium-sized business and enterprise landscape, the brokerage said. Wedbush maintained its neutral rating on the company’s stock and lifted the

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DocuSign Stock Spikes After Earnings. Analysts Are Cautious on New Initiatives. — Barrons.com

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By Angela Palumbo DocuSign stock was climbing Friday as analysts praised the electronic-signature company’s earnings but remained cautious about its near-term prospects. Shares of DocuSign were rising 9% in premarket trading Friday to $58.40. Coming into the session, the stock has gained 7.8% over the last 12 months has fallen 10% so far this year. Fourth-quarter earnings were a “big step in the right direction for the DOCU story,” Wedbush analyst Dan Ives said in a research note. He raised his price target on the stock to $65 from $56, while maintaining a Neutral rating. DocuSign reported fourth-quarter earnings, revenue, and bookings that beat analysts’ estimates after the stock market closed Thursday, and also issued better-than-expected revenue guidance. “We substantially increased the amount of business from customers signing and renewing multiyear multimillion dollar contracts with DocuSign,” Chief Executive Allan Thygesen said on the company’s earnings conference call. DocuSign also discussed

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Broadcom Reports Strong 1Q Earnings

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Broadcom is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Broadcom’s first-quarter profits missed Wall Street forecasts on deal-related costs as strong demand for AI-related products boosted semiconductor sales. The chip and software company said sales for the quarter were $11.96 billion, up 34% from the year before, because of its acquisition of software-maker VMware. The company made $1.33 billion in profit in the quarter, down from $3.78 billion the same period a year earlier and behind the expectations of a FactSet survey of analysts. Dow Jones & Co. owns Factiva.

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MongoDB Earnings Outlook Disappoints. These Analysts Say Buy the Dip. — Barrons.com

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Karishma Vanjani MongoDB’s stock was down after its earnings release as the data service provider shared a disappointing revenue and profit forecast. Many on Wall Street think it’s time to buy more of the stock. MongoDB, founded in 2007, offers cloud-based database products widely used by developers to create applications. The pandemic accelerated MongoDB’s growth as businesses increasingly moved to the cloud. Shares soared 173% in 2020. This year, the stock is up 0.8%. Late Thursday, the company said for the full fiscal year ending in January 2025, revenue could be between $1.9 billion and $1.93 billion and profits between $2.27 and $2.49 a share, short of the consensus for $2.04 billion in revenue and $3.27 a share in profits. The stock is down 2.6% at $491.26 at 10:05 a.m. It was down 8.6% in premarket trading on Friday. Datadog, another cloud-related stock, had gained 1.1%. The financial impact is

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Marvell Technology Shares Decline After Morgan Stanley Cuts Price Target, Expects Material Recovery

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Marvell Technology (MRVL) cut its projection across consumer, carrier and enterprise networking businesses but even with the surprising April shortfall the company should see a material recovery, Morgan Stanley said in a note Friday. Marvell’s PAM 4 shipments will see a flattish January due to a minor inventory adjustment, according to the note. The company appears to be on solid ground in the cloud custom silicon business but with new Nvidia launches and supply constraints easing, further upside remains uncertain, Morgan Stanley added. “The trajectory of custom silicon projects outside of Google has historically been disrupted by Nvidia’s rapid execution pace,” the firm said. Morgan Stanley said weaker sectors are close to the bottom, which is evident with shipping below-end demand, and “storage has already started to snap back in data center.” The firm said despite the downturn, signs of recovery are emerging in Marvell’s storage and automotive sectors, that

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Broadcom’s Earnings Power Seen at $70-$75/Share in Long Term Amid Double-Digit Sales Growth, BofA Says

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Broadcom (AVGO) is expected to post double-digit growth in sales in fiscal years 2024 and 2025, giving the company earnings power in the $70 to $75 per share range in the long term, BofA Securities said in a report Friday. The brokerage reiterated its buy rating on the stock as it raised its price target to $1,680 from $1,500, after the company maintained its revenue guidance of around $50 billion for fiscal 2024. BofA expects fiscal 2024 EPS at $46.70, little changed from its previous estimate of $46.72, but it raised its fiscal 2025 EPS estimate to $57.82 from $56.37. “We believe 1H could mark the trough for AVGO’s non-AI semi sales, with semi sales accelerating to double digit growth exiting Q4 and into FY25,” BofA said. “Meanwhile, we think AI sales could secularly grow at a 20-25% [compound annual growth rate] with more contribution from high-speed switches.” BofA said

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MongoDB May Surprise ‘If History Is Any Indication,’ RBC Says

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MongoDB (MDB) may be conservative with its forward guidance, RBC Capital Markets said Friday, but sees plenty of upside for the database company on growth and margin. MongoDB late Thursday forecast revenue growth in a range of 13% to 15% for its current fiscal year that began Feb. 1. The guidance lagged consensus views of 22% increase, weighing on MongoDB shares during extended hours Thursday and regular trading Friday. However, the company’s Q4 reported revenue topped estimates and may be poised to do it again. “We see plenty of levers to upside on both growth and margins, suggesting a similar level of conservatism baked into guidance as years past,” the investment firm said. RBC maintained its outperform rating for MongoDB with a $475 price target. MongoDB shares were 6% lower in recent trading.

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