Brokerages Anticipate Qorvo, Inc. (NASDAQ:QRVO) Will Announce Quarterly Sales of $1.25 Billion

Wall Street brokerages predict that Qorvo, Inc. (NASDAQ:QRVO) will post sales of $1.25 billion for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Qorvo’s earnings. Qorvo reported sales of $1.06 billion in the same quarter last year, which indicates a positive year over year growth rate of 17.9%. The firm is scheduled to announce its next earnings results on Wednesday, November 3rd.

On average, analysts expect that Qorvo will report full year sales of $4.75 billion for the current year, with estimates ranging from $4.72 billion to $4.81 billion. For the next financial year, analysts anticipate that the business will post sales of $5.10 billion, with estimates ranging from $5.05 billion to $5.17 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Qorvo.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 4th. The semiconductor company reported $2.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.45 by $0.38. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Qorvo had a net margin of 21.26% and a return on equity of 26.25%. The firm’s revenue for the quarter was up 41.0% compared to the same quarter last year. During the same period last year, the firm posted $1.50 earnings per share.

QRVO has been the subject of a number of research reports. Argus initiated coverage on shares of Qorvo in a research note on Thursday, July 1st. They set a “buy” rating and a $225.00 target price for the company. Westpark Capital initiated coverage on shares of Qorvo in a research note on Thursday, July 15th. They set a “buy” rating and a $230.00 target price for the company. Craig Hallum lifted their target price on shares of Qorvo from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. BMO Capital Markets lifted their target price on shares of Qorvo from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Thursday, August 5th. Finally, Oppenheimer lifted their target price on shares of Qorvo from $220.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, August 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $209.05.

Qorvo stock traded down $0.24 during midday trading on Thursday, reaching $182.13. The stock had a trading volume of 748,650 shares, compared to its average volume of 1,117,452. The firm’s fifty day simple moving average is $188.23 and its two-hundred day simple moving average is $184.69. Qorvo has a twelve month low of $123.08 and a twelve month high of $201.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.37 and a quick ratio of 2.56. The firm has a market cap of $20.24 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 1.26 and a beta of 1.36.

In other Qorvo news, Director Roderick Nelson sold 1,587 shares of the business’s stock in a transaction dated Monday, August 16th. The shares were sold at an average price of $186.72, for a total value of $296,324.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Gina Harrison sold 1,187 shares of the business’s stock in a transaction dated Tuesday, September 7th. The stock was sold at an average price of $185.16, for a total transaction of $219,784.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,551 shares of company stock worth $1,757,560. 0.52% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the business. Cypress Capital Management LLC WY bought a new stake in Qorvo in the second quarter valued at approximately $26,000. KB Financial Partners LLC bought a new stake in Qorvo in the first quarter valued at approximately $26,000. Glassman Wealth Services increased its stake in Qorvo by 465.4% in the second quarter. Glassman Wealth Services now owns 147 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 121 shares in the last quarter. Sandy Spring Bank boosted its holdings in shares of Qorvo by 352.9% in the second quarter. Sandy Spring Bank now owns 154 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 120 shares during the period. Finally, Clearstead Advisors LLC boosted its holdings in shares of Qorvo by 50.9% in the second quarter. Clearstead Advisors LLC now owns 166 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 56 shares during the period. 83.76% of the stock is owned by hedge funds and other institutional investors.

Qorvo Company Profile

Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplyingof cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

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Earnings History and Estimates for Qorvo (NASDAQ:QRVO)

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