Qorvo (NASDAQ:QRVO) Issues Earnings Results, Beats Estimates By $0.23 EPS

Qorvo (NASDAQ:QRVO) issued its earnings results on Thursday. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23, Morningstar.com reports. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $738.98 million. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. Qorvo updated its Q2 2020 guidance to $1.30-1.30 EPS and its Q2 guidance to $1.25-1.35 EPS.

Shares of Qorvo stock traded down $0.45 on Friday, hitting $70.89. The company’s stock had a trading volume of 2,646,400 shares, compared to its average volume of 1,407,937. The company has a quick ratio of 2.69, a current ratio of 3.87 and a debt-to-equity ratio of 0.21. Qorvo has a 1 year low of $54.74 and a 1 year high of $86.50. The firm’s fifty day moving average is $69.10. The firm has a market cap of $8.91 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 2.30 and a beta of 1.08.

In related news, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total value of $137,808.00. Following the completion of the transaction, the vice president now owns 53,859 shares in the company, valued at approximately $3,877,848. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $74.84, for a total value of $224,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,573 shares of company stock valued at $2,488,757. 0.71% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. increased its stake in shares of Qorvo by 10.8% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 25,416 shares of the semiconductor company’s stock valued at $1,824,000 after purchasing an additional 2,475 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in Qorvo by 4.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 59,369 shares of the semiconductor company’s stock worth $3,606,000 after buying an additional 2,554 shares during the last quarter. Virtu Financial LLC acquired a new stake in Qorvo in the 1st quarter worth about $275,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in Qorvo in the 1st quarter worth about $366,000. Finally, Swiss National Bank boosted its holdings in Qorvo by 2.1% in the 1st quarter. Swiss National Bank now owns 416,845 shares of the semiconductor company’s stock worth $29,900,000 after buying an additional 8,400 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

A number of equities analysts recently issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $90.00 target price on shares of Qorvo in a research note on Sunday, May 26th. UBS Group raised their target price on Qorvo from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Friday. Canaccord Genuity restated a “buy” rating and issued a $76.00 target price (down previously from $87.00) on shares of Qorvo in a research note on Tuesday, May 21st. DA Davidson reduced their target price on Qorvo to $66.00 and set a “neutral” rating for the company in a research note on Thursday, May 23rd. Finally, BidaskClub upgraded Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Fifteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $76.48.

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 for Qorvo (NASDAQ:QRVO)

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