Wall Street analysts expect that Qorvo, Inc. (NASDAQ:QRVO) will report sales of $1.08 billion for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Qorvo’s earnings. Qorvo reported sales of $787.45 million in the same quarter last year, which indicates a positive year-over-year growth rate of 37.2%. The company is scheduled to report its next earnings results on Wednesday, August 4th.
On average, analysts expect that Qorvo will report full-year sales of $4.62 billion for the current year, with estimates ranging from $4.58 billion to $4.64 billion. For the next year, analysts anticipate that the company will post sales of $4.92 billion, with estimates ranging from $4.85 billion to $5.02 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Qorvo.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 5th. The semiconductor company reported $2.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.23 by $0.51. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.04 billion. Qorvo had a net margin of 18.27% and a return on equity of 23.45%.
Several brokerages have recently commented on QRVO. Mizuho boosted their target price on shares of Qorvo from $183.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, April 9th. Argus assumed coverage on shares of Qorvo in a research report on Thursday, July 1st. They issued a “buy” rating and a $225.00 target price for the company. Barclays upped their price objective on shares of Qorvo from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 29th. Craig Hallum upped their price objective on shares of Qorvo from $195.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, May 6th. Finally, Wells Fargo & Company upped their price objective on shares of Qorvo from $205.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, May 6th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Qorvo has a consensus rating of “Buy” and an average price target of $199.48.
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Shares of NASDAQ:QRVO opened at $192.94 on Friday. The firm has a 50 day moving average price of $182.12. The firm has a market cap of $21.47 billion, a PE ratio of 30.38, a PEG ratio of 1.73 and a beta of 1.40. The company has a quick ratio of 2.90, a current ratio of 3.64 and a debt-to-equity ratio of 0.38. Qorvo has a 12 month low of $107.69 and a 12 month high of $201.68.
In related news, VP James L. Klein sold 1,909 shares of the stock in a transaction on Tuesday, June 15th. The shares were sold at an average price of $184.00, for a total transaction of $351,256.00. Following the transaction, the vice president now directly owns 48,241 shares of the company’s stock, valued at $8,876,344. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 10,289 shares of the stock in a transaction on Monday, May 24th. The stock was sold at an average price of $176.94, for a total transaction of $1,820,535.66. Following the transaction, the chief executive officer now directly owns 169,275 shares in the company, valued at $29,951,518.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,948 shares of company stock worth $4,865,933. Insiders own 0.52% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KB Financial Partners LLC purchased a new stake in shares of Qorvo in the first quarter valued at about $26,000. Capital Asset Advisory Services LLC purchased a new stake in shares of Qorvo in the fourth quarter valued at about $30,000. Valley Brook Capital Group purchased a new stake in shares of Qorvo in the fourth quarter valued at about $33,000. Huntington National Bank raised its holdings in shares of Qorvo by 172.5% in the first quarter. Huntington National Bank now owns 188 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 119 shares during the last quarter. Finally, CENTRAL TRUST Co raised its holdings in shares of Qorvo by 39.7% in the first quarter. CENTRAL TRUST Co now owns 190 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 83.44% of the company’s stock.
About Qorvo
Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.
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