Wall Street brokerages predict that Qorvo Inc (NASDAQ:QRVO) will announce sales of $823.47 million for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Qorvo’s earnings. The lowest sales estimate is $820.00 million and the highest is $829.92 million. Qorvo reported sales of $845.74 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 2.6%. The firm is expected to issue its next quarterly earnings results on Wednesday, January 30th.
On average, analysts expect that Qorvo will report full year sales of $3.17 billion for the current financial year, with estimates ranging from $3.12 billion to $3.25 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.40 billion, with estimates ranging from $3.18 billion to $3.58 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Qorvo.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.13. The company had revenue of $884.40 million during the quarter, compared to the consensus estimate of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. Qorvo’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 EPS.
A number of analysts have commented on the stock. Susquehanna Bancshares assumed coverage on shares of Qorvo in a report on Friday. They issued a “neutral” rating and a $70.00 price objective for the company. Cowen reiterated a “market perform” rating and issued a $71.00 price objective (down previously from $75.00) on shares of Qorvo in a report on Thursday, November 29th. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a report on Wednesday, November 28th. Craig Hallum cut their price objective on shares of Qorvo from $76.00 to $74.00 and set a “hold” rating for the company in a report on Monday, November 19th. Finally, Zacks Investment Research downgraded shares of Qorvo from a “buy” rating to a “sell” rating in a report on Thursday, November 15th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $80.38.
In related news, VP James L. Klein sold 2,093 shares of Qorvo stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $77.19, for a total value of $161,558.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $74.88, for a total transaction of $224,640.00. Following the completion of the sale, the vice president now owns 76,446 shares of the company’s stock, valued at approximately $5,724,276.48. The disclosure for this sale can be found here. Insiders have sold a total of 32,449 shares of company stock valued at $2,295,575 in the last 90 days. Insiders own 0.85% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. NEXT Financial Group Inc acquired a new stake in Qorvo in the 3rd quarter valued at approximately $110,000. Piedmont Investment Advisors LLC acquired a new stake in Qorvo in the 2nd quarter valued at approximately $119,000. National Pension Service acquired a new stake in Qorvo in the 3rd quarter valued at approximately $159,000. Huntington National Bank increased its holdings in Qorvo by 2,381.0% in the 3rd quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock valued at $160,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in Qorvo by 216.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,225 shares of the semiconductor company’s stock valued at $171,000 after purchasing an additional 1,522 shares during the last quarter. Hedge funds and other institutional investors own 94.46% of the company’s stock.
QRVO stock opened at $61.13 on Friday. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.09 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.50 and a quick ratio of 2.48. Qorvo has a 12 month low of $60.79 and a 12 month high of $86.84.
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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