Qorvo (QRVO) Set to Announce Earnings on Wednesday

Qorvo (NASDAQ:QRVOGet Rating) is set to release its earnings data after the market closes on Wednesday, February 1st. Analysts expect Qorvo to post 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.Persons interested in listening to the company’s earnings conference call can do so using this link.

Qorvo (NASDAQ:QRVOGet Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The semiconductor company reported $2.35 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company earned $3.22 EPS. The firm’s revenue 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 Stock Down 1.2 %

Shares of Qorvo stock opened at $108.11 on Wednesday. The company has a fifty day moving average price of $96.13 and a 200 day moving average price of $93.91. The company has a current ratio of 3.30, a quick ratio of 2.20 and a debt-to-equity ratio of 0.47. Qorvo has a twelve month low of $75.38 and a twelve month high of $144.31. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 3.06 and a beta of 1.39.

Qorvo announced that its Board of Directors has authorized a share repurchase program on Wednesday, November 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 22.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, January 9th. JPMorgan Chase & Co. cut shares of Qorvo from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $125.00 to $90.00 in a research report on Thursday, November 3rd. Cowen decreased their price objective on shares of Qorvo from $100.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, October 18th. Rosenblatt Securities decreased their price objective on shares of Qorvo from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, November 3rd. Finally, Credit Suisse Group assumed coverage on shares of Qorvo in a research report on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $107.87.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 3,559 shares of the firm’s stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $104.00, for a total value of $370,136.00. Following the sale, the vice president now owns 16,257 shares in the company, valued at $1,690,728. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.45% of the stock is owned by company insiders.

Institutional Investors Weigh In On Qorvo

Large investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its stake in shares of Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 116 shares during the period. International Assets Investment Management LLC bought a new position in shares of Qorvo in the first quarter valued at approximately $40,000. Zions Bancorporation N.A. boosted its holdings in shares of Qorvo by 3,833.3% in the first 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 in the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Qorvo by 227.9% in the first 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 in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Qorvo by 113.3% in the first quarter. Covestor Ltd now owns 1,156 shares of the semiconductor company’s stock valued at $144,000 after acquiring an additional 614 shares in the last quarter. Institutional investors and hedge funds own 86.47% of the company’s stock.

About Qorvo

(Get Rating)

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)

Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.