Qorvo (NASDAQ:QRVO) Announces Quarterly Earnings Results

Qorvo (NASDAQ:QRVOGet Rating) announced its earnings results on Wednesday. The semiconductor company reported $3.12 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.41, MarketWatch Earnings reports. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. Qorvo had a net margin of 22.24% and a return on equity of 27.88%. Qorvo’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.59 earnings per share. Qorvo updated its Q1 guidance to $2.00 to $2.25 EPS.

QRVO stock traded down $1.72 during midday trading on Friday, reaching $107.12. 1,666,445 shares of the company were exchanged, compared to its average volume of 1,135,898. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.58 and a current ratio of 3.63. Qorvo has a 1-year low of $104.37 and a 1-year high of $201.46. The stock’s 50-day simple moving average is $121.43 and its 200 day simple moving average is $139.79. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 0.99 and a beta of 1.34.

In other Qorvo news, VP Paul J. Fego sold 861 shares of the firm’s stock in a transaction that occurred on Tuesday, February 15th. The shares were sold at an average price of $131.78, for a total transaction of $113,462.58. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.52% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in QRVO. Barclays PLC increased its holdings in shares of Qorvo by 85.0% in the 4th quarter. Barclays PLC now owns 508,298 shares of the semiconductor company’s stock valued at $79,493,000 after acquiring an additional 233,568 shares during the period. Deutsche Bank AG increased its holdings in shares of Qorvo by 20.4% in the 4th quarter. Deutsche Bank AG now owns 429,522 shares of the semiconductor company’s stock valued at $67,173,000 after acquiring an additional 72,901 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Qorvo by 9.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 243,232 shares of the semiconductor company’s stock valued at $38,038,000 after acquiring an additional 21,937 shares during the period. Allstate Corp increased its holdings in shares of Qorvo by 1,538.7% in the 4th quarter. Allstate Corp now owns 19,992 shares of the semiconductor company’s stock valued at $3,127,000 after acquiring an additional 18,772 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Qorvo by 19.2% in the 4th quarter. Sei Investments Co. now owns 102,169 shares of the semiconductor company’s stock valued at $15,979,000 after acquiring an additional 16,442 shares during the period. 85.87% of the stock is currently owned by institutional investors and hedge funds.

QRVO has been the subject of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Qorvo from $185.00 to $175.00 in a research note on Thursday. Rosenblatt Securities lowered their target price on shares of Qorvo from $190.00 to $170.00 and set a “neutral” rating for the company in a research note on Thursday, February 3rd. Oppenheimer lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 13th. Bank of America lowered their price objective on shares of Qorvo from $180.00 to $165.00 and set a “neutral” rating for the company in a research note on Thursday, February 3rd. Finally, The Goldman Sachs Group lowered shares of Qorvo from a “buy” rating to a “neutral” rating and set a $138.00 price objective for the company. in a research note on Sunday, March 27th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $162.09.

Qorvo Company Profile (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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Earnings History for Qorvo (NASDAQ:QRVO)

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