Equities research analysts forecast that Qorvo, Inc. (NASDAQ:QRVO) will post $1.60 earnings per share for the current quarter, Zacks reports. Seven analysts have provided estimates for Qorvo’s earnings. The highest EPS estimate is $1.62 and the lowest is $1.60. Qorvo reported earnings per share of $1.35 in the same quarter last year, which would suggest a positive year over year growth rate of 18.5%. The firm is scheduled to issue its next earnings report on Wednesday, February 7th.
On average, analysts expect that Qorvo will report full year earnings of $5.47 per share for the current fiscal year, with EPS estimates ranging from $5.40 to $5.55. For the next year, analysts forecast that the firm will report earnings of $6.43 per share, with EPS estimates ranging from $5.88 to $6.77. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Qorvo.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.52. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. Qorvo’s quarterly revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 EPS.
A number of equities analysts have commented on the stock. Citigroup Inc. upped their price objective on shares of Qorvo from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Canaccord Genuity upped their price objective on shares of Qorvo from $81.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Morgan Stanley upped their price objective on shares of Qorvo from $68.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Needham & Company LLC restated a “buy” rating and set a $84.00 price objective on shares of Qorvo in a research report on Thursday, November 2nd. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $95.00 price target on shares of Qorvo in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $76.11.
Shares of Qorvo (QRVO) traded up $0.10 during trading on Wednesday, reaching $79.57. 928,700 shares of the company’s stock were exchanged, compared to its average volume of 1,520,808. The stock has a market cap of $10,104.46, a P/E ratio of 19.87, a P/E/G ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80. Qorvo has a 52 week low of $49.53 and a 52 week high of $81.20.
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In other Qorvo news, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $77.58, for a total transaction of $201,708.00. Following the sale, the vice president now directly owns 42,993 shares of the company’s stock, valued at approximately $3,335,396.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Harding sold 3,260 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $71.79, for a total transaction of $234,035.40. Following the sale, the director now directly owns 6,322 shares in the company, valued at $453,856.38. The disclosure for this sale can be found here. Insiders have sold a total of 55,469 shares of company stock valued at $4,023,277 over the last 90 days. 0.91% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Qorvo by 16.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock worth $27,452,000 after purchasing an additional 59,712 shares during the last quarter. American Century Companies Inc. acquired a new stake in shares of Qorvo during the 2nd quarter worth about $814,000. CHURCHILL MANAGEMENT Corp boosted its stake in shares of Qorvo by 25.7% during the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock worth $2,369,000 after purchasing an additional 7,661 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Qorvo by 26.1% during the 2nd quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock worth $2,725,000 after purchasing an additional 8,911 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Qorvo by 0.8% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 38,123 shares of the semiconductor company’s stock worth $2,414,000 after purchasing an additional 300 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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