Qorvo Inc (NASDAQ:QRVO) Expected to Announce Quarterly Sales of $850.66 Million

Wall Street analysts expect Qorvo Inc (NASDAQ:QRVO) to announce $850.66 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Qorvo’s earnings. The lowest sales estimate is $850.00 million and the highest is $852.20 million. Qorvo posted sales of $832.33 million in the same quarter last year, which would indicate a positive year over year growth rate of 2.2%. The business is expected to report its next earnings report on Thursday, February 6th.

According to Zacks, analysts expect that Qorvo will report full year sales of $3.16 billion for the current financial year, with estimates ranging from $3.15 billion to $3.16 billion. For the next financial year, analysts forecast that the firm will report sales of $3.42 billion, with estimates ranging from $3.34 billion to $3.58 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Qorvo.

Qorvo (NASDAQ:QRVO) last released its earnings results on Thursday, October 31st. The semiconductor company reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.22. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. The firm had revenue of $806.70 million for the quarter, compared to the consensus estimate of $754.67 million. During the same period in the prior year, the business posted $1.75 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year.

Several equities analysts recently weighed in on the company. Raymond James increased their target price on Qorvo from $90.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Cowen reiterated a “buy” rating and set a $120.00 target price (up from $95.00) on shares of Qorvo in a research report on Wednesday. Bank of America upgraded Qorvo from an “underperform” rating to a “buy” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. set a $110.00 price target on Qorvo and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Mizuho restated a “neutral” rating and set a $80.00 price target (up from $70.00) on shares of Qorvo in a research note on Thursday, October 31st. Ten research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $92.78.

In other news, Director David H. Y. Ho sold 10,660 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $102.22, for a total value of $1,089,665.20. Following the completion of the sale, the director now owns 16,844 shares in the company, valued at $1,721,793.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP James L. Klein sold 1,914 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $76.69, for a total value of $146,784.66. Following the completion of the sale, the vice president now owns 51,667 shares of the company’s stock, valued at approximately $3,962,342.23. The disclosure for this sale can be found here. Insiders have sold 24,992 shares of company stock valued at $2,479,472 over the last 90 days. 0.71% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Qorvo by 7.4% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,452 shares of the semiconductor company’s stock worth $108,000 after buying an additional 100 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Qorvo by 2.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock worth $521,000 after buying an additional 158 shares during the last quarter. World Asset Management Inc lifted its holdings in Qorvo by 2.1% during the 3rd quarter. World Asset Management Inc now owns 8,349 shares of the semiconductor company’s stock worth $619,000 after buying an additional 170 shares during the last quarter. Commerce Bank lifted its holdings in Qorvo by 6.2% during the 2nd quarter. Commerce Bank now owns 3,637 shares of the semiconductor company’s stock worth $242,000 after buying an additional 212 shares during the last quarter. Finally, Pillar Pacific Capital Management LLC lifted its holdings in Qorvo by 0.5% during the 3rd quarter. Pillar Pacific Capital Management LLC now owns 49,893 shares of the semiconductor company’s stock worth $3,700,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

NASDAQ QRVO traded down $1.94 during trading hours on Monday, hitting $113.41. 1,630,219 shares of the company’s stock were exchanged, compared to its average volume of 1,308,855. The business’s 50 day moving average is $100.18 and its 200-day moving average is $78.29. Qorvo has a 12-month low of $54.74 and a 12-month high of $115.96. The firm has a market capitalization of $13.23 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.37 and a current ratio of 3.45.

Qorvo Company Profile

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.

See Also: Why do analysts give a neutral rating?

Get a free copy of the Zacks research report on Qorvo (QRVO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates 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.