$754.37 Million in Sales Expected for Qorvo Inc (NASDAQ:QRVO) This Quarter

Brokerages expect Qorvo Inc (NASDAQ:QRVO) to announce sales of $754.37 million for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Qorvo’s earnings, with the lowest sales estimate coming in at $750.00 million and the highest estimate coming in at $757.10 million. Qorvo posted sales of $884.44 million in the same quarter last year, which would indicate a negative year over year growth rate of 14.7%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, October 31st.

According to Zacks, analysts expect that Qorvo will report full-year sales of $2.97 billion for the current financial year, with estimates ranging from $2.87 billion to $3.03 billion. For the next fiscal year, analysts expect that the business will report sales of $3.19 billion, with estimates ranging from $3.00 billion to $3.48 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Qorvo.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.23. Qorvo had a return on equity of 15.77% and a net margin of 6.39%. The business had revenue of $775.60 million for the quarter, compared to the consensus estimate of $738.98 million. During the same period in the prior year, the business earned $0.96 earnings per share. The business’s revenue was up 12.0% on a year-over-year basis.

QRVO has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $90.00 price objective on shares of Qorvo in a research note on Monday, August 5th. Cowen upgraded Qorvo from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $75.00 to $90.00 in a research note on Thursday, October 10th. Mizuho set a $70.00 price objective on Qorvo and gave the company a “hold” rating in a research note on Friday, August 2nd. BidaskClub lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Finally, Benchmark initiated coverage on Qorvo in a research note on Thursday, September 12th. They set a “buy” rating and a $90.00 price objective for the company. Thirteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $78.14.

Shares of NASDAQ:QRVO traded down $0.39 on Thursday, hitting $79.02. The company had a trading volume of 729,500 shares, compared to its average volume of 1,039,278. The company has a current ratio of 3.44, a quick ratio of 2.30 and a debt-to-equity ratio of 0.23. Qorvo has a 52-week low of $54.74 and a 52-week high of $80.70. The company has a market cap of $9.35 billion, a PE ratio of 15.05, a PEG ratio of 1.97 and a beta of 1.09. The business has a 50 day moving average of $76.27 and a 200 day moving average of $71.56.

In related news, VP Gina Harrison sold 1,328 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $75.98, for a total value of $100,901.44. Following the sale, the vice president now directly owns 18,689 shares in the company, valued at approximately $1,419,990.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James L. Klein sold 1,914 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $69.93, for a total value of $133,846.02. The disclosure for this sale can be found here. In the last three months, insiders sold 32,633 shares of company stock worth $2,354,776. Company insiders own 0.71% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Qorvo by 4.6% in the 2nd quarter. Northern Trust Corp now owns 1,623,274 shares of the semiconductor company’s stock worth $108,126,000 after acquiring an additional 71,067 shares during the last quarter. FMR LLC boosted its position in shares of Qorvo by 15.5% in the first quarter. FMR LLC now owns 1,590,816 shares of the semiconductor company’s stock worth $114,110,000 after buying an additional 213,091 shares during the period. Invesco Ltd. boosted its position in shares of Qorvo by 11.3% in the second quarter. Invesco Ltd. now owns 1,247,870 shares of the semiconductor company’s stock worth $83,120,000 after buying an additional 126,839 shares during the period. Fisher Asset Management LLC boosted its position in shares of Qorvo by 3.6% in the second quarter. Fisher Asset Management LLC now owns 1,137,530 shares of the semiconductor company’s stock worth $75,771,000 after buying an additional 39,136 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Qorvo by 3.1% in the second quarter. UBS Asset Management Americas Inc. now owns 926,329 shares of the semiconductor company’s stock worth $61,703,000 after buying an additional 27,999 shares during the period. Institutional investors own 91.53% of the company’s stock.

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.

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Earnings History and Estimates for Qorvo (NASDAQ:QRVO)

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