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.
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.
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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