Qorvo, Inc. (NASDAQ:QRVO) Expected to Announce Quarterly Sales of $1.04 Billion

Wall Street brokerages predict that Qorvo, Inc. (NASDAQ:QRVO) will announce $1.04 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Qorvo’s earnings. The highest sales estimate is $1.05 billion and the lowest is $1.04 billion. Qorvo posted sales of $787.77 million in the same quarter last year, which suggests a positive year-over-year growth rate of 32%. The firm is scheduled to report its next earnings report on Thursday, May 6th.

According to Zacks, analysts expect that Qorvo will report full-year sales of $3.98 billion for the current fiscal year, with estimates ranging from $3.98 billion to $3.99 billion. For the next year, analysts anticipate that the firm will report sales of $4.44 billion, with estimates ranging from $4.29 billion to $4.51 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Qorvo.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, February 3rd. The semiconductor company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.48 by $0.60. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Qorvo had a net margin of 12.71% and a return on equity of 18.08%. Qorvo’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.86 earnings per share.

A number of research firms have commented on QRVO. Citigroup cut their price target on shares of Qorvo from $188.00 to $170.00 and set a “neutral” rating for the company in a research note on Thursday, February 11th. BMO Capital Markets boosted their price target on shares of Qorvo from $135.00 to $190.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 3rd. Oppenheimer reissued a “buy” rating and issued a $220.00 price target (up previously from $200.00) on shares of Qorvo in a research note on Thursday, January 28th. Benchmark boosted their price target on shares of Qorvo from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, February 4th. Finally, Needham & Company LLC boosted their price target on shares of Qorvo from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 4th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $179.55.

NASDAQ:QRVO traded down $2.57 during mid-day trading on Friday, hitting $189.85. 798,212 shares of the stock traded hands, compared to its average volume of 1,352,483. The company has a quick ratio of 1.75, a current ratio of 2.07 and a debt-to-equity ratio of 0.40. Qorvo has a 12-month low of $80.80 and a 12-month high of $199.94. The company has a market cap of $21.50 billion, a PE ratio of 49.96, a price-to-earnings-growth ratio of 1.47 and a beta of 1.51. The business’s 50-day moving average price is $180.19 and its 200 day moving average price is $162.54.

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in Qorvo during the 4th quarter valued at about $26,000. Capital Asset Advisory Services LLC bought a new position in Qorvo during the 4th quarter valued at about $30,000. Valley Brook Capital Group bought a new position in Qorvo during the 4th quarter valued at about $33,000. Huntington National Bank lifted its stake in Qorvo by 172.5% during the 1st quarter. Huntington National Bank now owns 188 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 119 shares during the period. Finally, Accel Wealth Management bought a new position in Qorvo during the 4th quarter valued at about $36,000. 84.57% of the stock is currently owned by institutional investors.

Qorvo Company Profile

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

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Earnings History and Estimates for Qorvo (NASDAQ:QRVO)

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