Equities research analysts expect that Qorvo Inc (NASDAQ:QRVO) will announce $1.91 earnings per share for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Qorvo’s earnings. The highest EPS estimate is $1.94 and the lowest is $1.90. Qorvo posted earnings of $1.52 per share during the same quarter last year, which indicates a positive year over year growth rate of 25.7%. The business is expected to report its next quarterly earnings results on Thursday, October 29th.
According to Zacks, analysts expect that Qorvo will report full year earnings of $6.60 per share for the current financial year, with EPS estimates ranging from $6.47 to $6.79. For the next year, analysts anticipate that the firm will post earnings of $7.81 per share, with EPS estimates ranging from $6.94 to $8.75. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Qorvo.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.37. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The firm had revenue of $787.50 million for the quarter, compared to analysts’ expectations of $729.91 million. During the same period last year, the business posted $1.36 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis.
QRVO has been the topic of several research analyst reports. Oppenheimer upgraded Qorvo from a “market perform” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research note on Thursday, July 30th. Mizuho raised their target price on Qorvo from $114.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Piper Sandler raised their target price on Qorvo from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Raymond James raised their target price on Qorvo from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, Goldman Sachs Group raised their target price on Qorvo from $115.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $124.57.
QRVO traded down $2.55 during trading hours on Friday, hitting $118.89. 2,304,242 shares of the stock were exchanged, compared to its average volume of 1,077,367. The stock has a 50-day simple moving average of $126.06 and a 200-day simple moving average of $104.43. Qorvo has a 12 month low of $67.54 and a 12 month high of $136.06. The stock has a market cap of $13.58 billion, a price-to-earnings ratio of 35.81, a price-to-earnings-growth ratio of 1.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.08 and a quick ratio of 3.05.
In related news, CEO Robert A. Bruggeworth sold 8,762 shares of Qorvo stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $131.38, for a total transaction of $1,151,151.56. Following the transaction, the chief executive officer now directly owns 171,313 shares of the company’s stock, valued at $22,507,101.94. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Walter H. Wilkinson sold 2,347 shares of Qorvo stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $133.80, for a total value of $314,028.60. Following the completion of the transaction, the director now directly owns 28,089 shares in the company, valued at approximately $3,758,308.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,312 shares of company stock worth $3,161,069. 0.66% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of QRVO. FMR LLC increased its stake in Qorvo by 285.2% in the 2nd quarter. FMR LLC now owns 804,723 shares of the semiconductor company’s stock worth $88,946,000 after purchasing an additional 595,827 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Qorvo by 1,103.6% in the 2nd quarter. Alyeska Investment Group L.P. now owns 541,555 shares of the semiconductor company’s stock worth $59,858,000 after purchasing an additional 496,561 shares in the last quarter. Janus Henderson Group PLC increased its stake in Qorvo by 247.0% in the 1st quarter. Janus Henderson Group PLC now owns 696,202 shares of the semiconductor company’s stock worth $56,134,000 after purchasing an additional 495,565 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in Qorvo in the 2nd quarter worth about $53,712,000. Finally, Robecosam AG increased its stake in Qorvo by 459.5% in the 2nd quarter. Robecosam AG now owns 587,500 shares of the semiconductor company’s stock worth $64,936,000 after purchasing an additional 482,500 shares in the last quarter. 85.94% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo Company Profile
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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