Q1 2020 EPS Estimates for Qorvo Inc Lowered by Piper Jaffray Companies (QRVO)

Qorvo Inc (NASDAQ:QRVO) – Piper Jaffray Companies lowered their Q1 2020 earnings estimates for shares of Qorvo in a research note issued on Tuesday, May 21st. Piper Jaffray Companies analyst H. Kumar now anticipates that the semiconductor company will post earnings of $0.95 per share for the quarter, down from their prior forecast of $1.10. Piper Jaffray Companies currently has a “Overweight” rating and a $75.00 target price on the stock. Piper Jaffray Companies also issued estimates for Qorvo’s Q2 2020 earnings at $0.92 EPS, Q3 2020 earnings at $1.08 EPS, Q4 2020 earnings at $0.88 EPS and FY2020 earnings at $3.84 EPS.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.23. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The business had revenue of $680.88 million during the quarter, compared to analysts’ expectations of $670.59 million. During the same quarter last year, the business posted $1.07 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis.

Several other brokerages have also recently weighed in on QRVO. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price on shares of Qorvo in a research note on Monday, March 4th. Canaccord Genuity cut Qorvo from a “buy” rating to a “hold” rating and decreased their target price for the company from $77.00 to $70.00 in a research note on Friday, February 8th. Craig Hallum reaffirmed a “buy” rating and set a $75.00 target price on shares of Qorvo in a report on Tuesday. Barclays reaffirmed a “buy” rating and set a $70.00 target price on shares of Qorvo in a report on Thursday. Finally, BidaskClub downgraded Qorvo from a “hold” rating to a “sell” rating in a report on Wednesday, February 20th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company. Qorvo presently has a consensus rating of “Hold” and an average price target of $75.77.

Shares of QRVO stock opened at $60.66 on Thursday. Qorvo has a fifty-two week low of $54.74 and a fifty-two week high of $86.50. The stock has a market cap of $7.23 billion, a P/E ratio of 11.55, a PEG ratio of 1.05 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 3.87 and a debt-to-equity ratio of 0.21.

A number of institutional investors have recently made changes to their positions in QRVO. Campbell Newman Asset Management Inc. raised its stake in shares of Qorvo by 3.6% during the 1st quarter. Campbell Newman Asset Management Inc. now owns 3,990 shares of the semiconductor company’s stock worth $286,000 after purchasing an additional 139 shares in the last quarter. ETF Managers Group LLC raised its stake in shares of Qorvo by 7.9% during the 1st quarter. ETF Managers Group LLC now owns 2,031 shares of the semiconductor company’s stock worth $146,000 after purchasing an additional 149 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Qorvo by 0.9% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 18,140 shares of the semiconductor company’s stock worth $1,102,000 after purchasing an additional 161 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Qorvo by 0.5% during the 1st quarter. Cerity Partners LLC now owns 35,017 shares of the semiconductor company’s stock worth $2,512,000 after purchasing an additional 163 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Qorvo by 4.0% during the 1st quarter. Diversified Trust Co now owns 4,507 shares of the semiconductor company’s stock worth $323,000 after purchasing an additional 172 shares in the last quarter. 92.52% of the stock is owned by hedge funds and other institutional investors.

In related news, VP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $68.87, for a total value of $206,610.00. Following the completion of the sale, the vice president now directly owns 55,006 shares of the company’s stock, valued at approximately $3,788,263.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ralph Quinsey sold 209,349 shares of the stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $69.01, for a total value of $14,447,174.49. Following the completion of the sale, the director now directly owns 84,242 shares of the company’s stock, valued at $5,813,540.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 246,024 shares of company stock valued at $17,108,361. 0.85% of the stock is currently owned by company insiders.

About Qorvo

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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Earnings History and Estimates for Qorvo (NASDAQ:QRVO)

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