Qorvo (NASDAQ:QRVO) Updates Q2 2020 Earnings Guidance

Qorvo (NASDAQ:QRVO) updated its second quarter 2020 earnings guidance on Thursday. The company provided EPS guidance of $1.30-1.30 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.25. The company issued revenue guidance of $745-765 million, compared to the consensus revenue estimate of $740.58 million.Qorvo also updated its Q2 guidance to $1.25-1.35 EPS.

Several brokerages recently issued reports on QRVO. UBS Group upped their price objective on shares of Qorvo from $68.00 to $74.00 and gave the company a neutral rating in a research note on Friday. Cowen reissued a market perform rating and set a $75.00 price objective (up previously from $65.00) on shares of Qorvo in a research note on Friday. Morgan Stanley upped their price objective on shares of Qorvo from $67.00 to $71.00 and gave the company an equal weight rating in a research note on Friday. DA Davidson reduced their price objective on shares of Qorvo to $66.00 and set a neutral rating on the stock in a research note on Thursday, May 23rd. Finally, Raymond James upped their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, May 8th. Fourteen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Qorvo currently has a consensus rating of Hold and an average target price of $76.48.

Shares of Qorvo stock traded down $0.45 during trading hours on Friday, hitting $70.89. The company’s stock had a trading volume of 2,626,875 shares, compared to its average volume of 961,901. Qorvo has a 1-year low of $54.74 and a 1-year high of $86.50. The firm has a fifty day moving average price of $69.10. The firm has a market cap of $8.65 billion, a P/E ratio of 13.50, a PEG ratio of 2.24 and a beta of 1.09. 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 (NASDAQ:QRVO) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $738.98 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. Analysts anticipate that Qorvo will post 4.12 EPS for the current year.

In other news, insider Robert A. Bruggeworth sold 25,831 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total value of $1,873,264.12. Following the completion of the sale, the insider now owns 201,794 shares of the company’s stock, valued at $14,634,100.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James L. Klein sold 1,914 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $61.71, for a total transaction of $118,112.94. Following the completion of the sale, the vice president now directly owns 51,945 shares of the company’s stock, valued at approximately $3,205,525.95. The disclosure for this sale can be found here. Insiders sold 34,573 shares of company stock valued at $2,488,757 in the last three months. Company insiders own 0.71% of the company’s stock.

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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