Qorvo Inc (QRVO) Expected to Announce Quarterly Sales of $840.55 Million

Brokerages expect that Qorvo Inc (NASDAQ:QRVO) will report sales of $840.55 million for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Qorvo’s earnings, with the lowest sales estimate coming in at $840.00 million and the highest estimate coming in at $842.60 million. Qorvo posted sales of $826.35 million in the same quarter last year, which suggests a positive year-over-year growth rate of 1.7%. The company is scheduled to announce its next quarterly earnings results on Wednesday, February 7th.

According to Zacks, analysts expect that Qorvo will report full year sales of $840.55 million for the current year, with estimates ranging from $3.08 billion to $3.12 billion. For the next year, analysts anticipate that the firm will post sales of $3.37 billion per share, with estimates ranging from $3.23 billion to $3.45 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Qorvo.

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

QRVO has been the subject of a number of analyst reports. Morgan Stanley lifted their target price on shares of Qorvo from $69.00 to $72.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Mizuho reiterated a “hold” rating and issued a $70.00 target price on shares of Qorvo in a research note on Monday, October 9th. JPMorgan Chase & Co. set a $88.00 target price on shares of Qorvo and gave the company a “buy” rating in a research note on Wednesday, November 15th. Needham & Company LLC reiterated a “buy” rating and issued a $84.00 target price on shares of Qorvo in a research note on Thursday, November 2nd. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $95.00 target price on shares of Qorvo in a research note on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $76.89.

Qorvo (NASDAQ QRVO) traded down $2.30 during midday trading on Friday, reaching $68.40. 2,816,599 shares of the company’s stock were exchanged, compared to its average volume of 1,066,432. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71. The firm has a market capitalization of $8,989.37, a PE ratio of -427.50, a PEG ratio of 1.19 and a beta of 1.02. Qorvo has a 1 year low of $58.11 and a 1 year high of $81.20.

In related news, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $65.50, for a total transaction of $393,000.00. Following the transaction, the vice president now owns 88,725 shares of the company’s stock, valued at $5,811,487.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Bruggeworth sold 5,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $65.57, for a total transaction of $327,850.00. Following the transaction, the insider now directly owns 185,344 shares in the company, valued at approximately $12,153,006.08. The disclosure for this sale can be found here. Insiders have sold 53,096 shares of company stock worth $3,968,257 in the last ninety days. 0.91% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank increased its position in Qorvo by 26.1% during the second quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock worth $2,725,000 after acquiring an additional 8,911 shares during the period. Janus Henderson Group PLC increased its holdings in Qorvo by 424.0% in the 2nd quarter. Janus Henderson Group PLC now owns 77,882 shares of the semiconductor company’s stock valued at $4,932,000 after buying an additional 63,019 shares during the period. Robecosam AG increased its holdings in Qorvo by 17.9% in the 2nd quarter. Robecosam AG now owns 165,000 shares of the semiconductor company’s stock valued at $10,608,000 after buying an additional 25,000 shares during the period. F&V Capital Management LLC increased its holdings in Qorvo by 34.4% in the 4th quarter. F&V Capital Management LLC now owns 68,200 shares of the semiconductor company’s stock valued at $4,542,000 after buying an additional 17,460 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Qorvo in the 2nd quarter valued at $933,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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About Qorvo

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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