Qorvo (QRVO) Scheduled to Post Quarterly Earnings on Wednesday

Qorvo (NASDAQ:QRVOGet Rating) will be issuing its quarterly earnings data after the market closes on Wednesday, February 1st. Analysts expect the company to announce earnings of $0.64 per share for the quarter. Qorvo has set its Q4 2023 guidance at $0.50-$0.75 EPS and its Q3 guidance at $0.50-0.75 EPS.Parties that are interested in registering for the company’s conference call can do so using this link.

Qorvo (NASDAQ:QRVOGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The semiconductor company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.07. Qorvo had a net margin of 15.34% and a return on equity of 24.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the company posted $3.22 earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, analysts expect Qorvo to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Qorvo Trading Down 1.2 %

QRVO opened at $108.11 on Wednesday. The company’s 50 day moving average is $96.13 and its 200-day moving average is $93.91. Qorvo has a 1-year low of $75.38 and a 1-year high of $144.31. The company has a current ratio of 3.30, a quick ratio of 2.20 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.96 billion, a P/E ratio of 16.97, a PEG ratio of 3.06 and a beta of 1.39.

Qorvo announced that its board has authorized a share repurchase plan on Wednesday, November 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 22.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QRVO. Raymond James reduced their price target on shares of Qorvo from $130.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, November 3rd. Barclays raised their price target on shares of Qorvo from $85.00 to $110.00 and gave the company an “equal weight” rating in a research note on Monday. StockNews.com initiated coverage on shares of Qorvo in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Needham & Company LLC raised their price objective on shares of Qorvo from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, November 3rd. Finally, JPMorgan Chase & Co. lowered shares of Qorvo from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $125.00 to $90.00 in a report on Thursday, November 3rd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $107.87.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 3,559 shares of the business’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $104.00, for a total transaction of $370,136.00. Following the transaction, the vice president now owns 16,257 shares in the company, valued at approximately $1,690,728. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of QRVO. Parkside Financial Bank & Trust lifted its position in shares of Qorvo by 106.4% during the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 116 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Qorvo during the 1st quarter valued at $40,000. Zions Bancorporation N.A. lifted its position in shares of Qorvo by 3,833.3% during the 1st quarter. Zions Bancorporation N.A. now owns 472 shares of the semiconductor company’s stock valued at $59,000 after acquiring an additional 460 shares during the period. Brown Brothers Harriman & Co. lifted its position in shares of Qorvo by 227.9% during the 1st quarter. Brown Brothers Harriman & Co. now owns 859 shares of the semiconductor company’s stock valued at $107,000 after acquiring an additional 597 shares during the period. Finally, Covestor Ltd increased its stake in Qorvo by 113.3% during the 1st quarter. Covestor Ltd now owns 1,156 shares of the semiconductor company’s stock valued at $144,000 after purchasing an additional 614 shares in the last quarter. Institutional investors and hedge funds own 86.47% of the company’s stock.

Qorvo Company Profile

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

Further Reading

Earnings History for Qorvo (NASDAQ:QRVO)

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