Qorvo (NASDAQ:QRVO) Releases Earnings Results, Beats Expectations By $0.03 EPS

Qorvo (NASDAQ:QRVO) issued its earnings results on Tuesday. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03, Briefing.com reports. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. Qorvo updated its Q3 guidance to $1.10-1.30 EPS.

Qorvo Stock Performance

QRVO stock traded up $0.22 during midday trading on Tuesday, reaching $100.48. The stock had a trading volume of 2,604,533 shares, compared to its average volume of 1,350,640. The firm has a fifty day simple moving average of $105.07 and a two-hundred day simple moving average of $108.06. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The stock has a market cap of $9.55 billion, a PE ratio of -137.56, a P/E/G ratio of 1.20 and a beta of 1.45.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Barclays dropped their price objective on Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. TD Cowen upgraded Qorvo to a “hold” rating in a research note on Monday, September 16th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, Susquehanna lowered their price target on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average target price of $119.86.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.