Qorvo, Inc. (QRVO) Expected to Post Earnings of $1.60 Per Share

Brokerages forecast that Qorvo, Inc. (NASDAQ:QRVO) will announce $1.60 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Qorvo’s earnings, with estimates ranging from $1.58 to $1.62. Qorvo posted earnings per share of $1.35 in the same quarter last year, which would suggest a positive year over year growth rate of 18.5%. The company is scheduled to issue its next earnings report on Wednesday, February 7th.

According to Zacks, analysts expect that Qorvo will report full year earnings of $5.46 per share for the current financial year, with EPS estimates ranging from $5.32 to $5.55. For the next fiscal year, analysts forecast that the business will post earnings of $6.43 per share, with EPS estimates ranging from $5.88 to $6.77. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover Qorvo.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The company had revenue of $821.60 million for the quarter, compared to analysts’ expectations of $810.47 million. During the same quarter in the previous year, the company posted $1.29 EPS. The firm’s quarterly revenue was down 5.0% on a year-over-year basis.

QRVO has been the topic of several recent research reports. Northland Securities cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 2nd. BidaskClub cut shares of Qorvo from a “hold” rating to a “sell” rating in a research note on Wednesday, December 6th. J P Morgan Chase & Co set a $88.00 target price on shares of Qorvo and gave the stock a “buy” rating in a research note on Wednesday, November 15th. Citigroup lifted their target price on shares of Qorvo from $69.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Finally, Nomura initiated coverage on shares of Qorvo in a research note on Tuesday, September 5th. They set a “neutral” rating and a $75.00 target price on the stock. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company. Qorvo presently has a consensus rating of “Hold” and an average price target of $76.89.

Shares of Qorvo (QRVO) traded up $0.28 on Friday, reaching $67.07. 844,946 shares of the company’s stock traded hands, compared to its average volume of 1,519,771. Qorvo has a 52 week low of $52.05 and a 52 week high of $81.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80. The firm has a market cap of $8,490.00 and a PE ratio of 16.76.

In related news, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $70.84, for a total value of $184,184.00. Following the sale, the vice president now directly owns 42,993 shares in the company, valued at approximately $3,045,624.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert A. Bruggeworth sold 5,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $65.57, for a total transaction of $327,850.00. Following the completion of the sale, the insider now owns 185,344 shares in the company, valued at $12,153,006.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,696 shares of company stock worth $4,519,191. Insiders own 0.91% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Alyeska Investment Group L.P. purchased a new stake in Qorvo in the 3rd quarter valued at about $118,506,000. Manning & Napier Advisors LLC raised its holdings in Qorvo by 52.5% in the 3rd quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after buying an additional 840,755 shares during the period. Vanguard Group Inc. raised its holdings in Qorvo by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after buying an additional 430,596 shares during the period. Renaissance Technologies LLC purchased a new stake in Qorvo in the 2nd quarter valued at about $18,990,000. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in Qorvo by 113.1% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock valued at $26,484,000 after buying an additional 198,856 shares during the period. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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