$656.82 Million in Sales Expected for Qorvo Inc (QRVO) This Quarter

Equities research analysts forecast that Qorvo Inc (NASDAQ:QRVO) will report sales of $656.82 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Qorvo’s earnings, with estimates ranging from $654.70 million to $660.00 million. Qorvo posted sales of $642.99 million during the same quarter last year, which suggests a positive year over year growth rate of 2.2%. The company is scheduled to report its next quarterly earnings report on Wednesday, May 2nd.

On average, analysts expect that Qorvo will report full-year sales of $656.82 million for the current year, with estimates ranging from $2.96 billion to $3.10 billion. For the next fiscal year, analysts anticipate that the company will post sales of $3.31 billion per share, with estimates ranging from $3.23 billion to $3.40 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Qorvo.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.09. The business had revenue of $845.70 million for the quarter, compared to analyst estimates of $841.09 million. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 earnings per share.

A number of research firms have recently weighed in on QRVO. Needham & Company LLC raised their target price on Qorvo from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Instinet upgraded Qorvo from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, February 1st. Mizuho restated a “neutral” rating and issued a $74.00 target price (up previously from $70.00) on shares of Qorvo in a report on Thursday, February 1st. Cowen raised their target price on Qorvo from $78.00 to $85.00 and gave the company a “market perform” rating in a report on Thursday, February 1st. Finally, Oppenheimer restated a “hold” rating on shares of Qorvo in a report on Thursday, February 1st. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company. Qorvo has a consensus rating of “Hold” and an average target price of $79.60.

Qorvo (NASDAQ:QRVO) opened at $75.58 on Tuesday. The stock has a market capitalization of $10,216.89, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. The company has a quick ratio of 3.62, a current ratio of 4.72 and a debt-to-equity ratio of 0.23. Qorvo has a fifty-two week low of $62.68 and a fifty-two week high of $85.24.

In other Qorvo news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total value of $428,220.00. Following the completion of the sale, the vice president now directly owns 82,725 shares of the company’s stock, valued at $5,904,083.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel A. Dileo sold 2,500 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $80.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 4,622 shares of the company’s stock, valued at $369,760. The disclosure for this sale can be found here. Insiders have sold 50,496 shares of company stock valued at $3,766,549 over the last ninety days. 0.91% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in QRVO. Ameriprise Financial Inc. grew its position in shares of Qorvo by 4.3% in the third quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock valued at $329,228,000 after purchasing an additional 194,106 shares in the last quarter. Boston Partners grew its position in shares of Qorvo by 47.5% in the fourth quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock valued at $191,089,000 after purchasing an additional 924,017 shares in the last quarter. Manning & Napier Advisors LLC grew its position in shares of Qorvo by 52.5% in the third quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after purchasing an additional 840,755 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Qorvo in the third quarter valued at $118,506,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Qorvo by 4.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock valued at $86,067,000 after purchasing an additional 50,179 shares in the last quarter. 96.48% of the stock is 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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