Qorvo, Inc. (NASDAQ:QRVO) Expected to Post Quarterly Sales of $1.08 Billion

Wall Street analysts expect Qorvo, Inc. (NASDAQ:QRVO) to post $1.08 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Qorvo’s earnings. Qorvo reported sales of $787.45 million during the same quarter last year, which indicates a positive year over year growth rate of 37.2%. The company is scheduled to announce its next quarterly earnings results on Wednesday, August 4th.

On average, analysts expect that Qorvo will report full year sales of $4.62 billion for the current financial year, with estimates ranging from $4.58 billion to $4.64 billion. For the next fiscal year, analysts forecast that the company will post sales of $4.92 billion, with estimates ranging from $4.85 billion to $5.02 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Qorvo.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, May 5th. The semiconductor company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.51. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Qorvo had a return on equity of 23.45% and a net margin of 18.27%.

QRVO has been the subject of a number of analyst reports. Citigroup reduced their price target on Qorvo from $188.00 to $170.00 and set a “neutral” rating for the company in a report on Thursday, February 11th. Mizuho upped their price target on Qorvo from $183.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, April 9th. Morgan Stanley increased their target price on Qorvo from $210.00 to $223.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. Piper Sandler increased their target price on Qorvo from $190.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, April 23rd. Finally, Rosenblatt Securities increased their target price on Qorvo from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, May 6th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Qorvo has a consensus rating of “Buy” and a consensus price target of $197.70.

In other news, CEO Robert A. Bruggeworth sold 5,920 shares of the firm’s stock in a transaction on Wednesday, May 19th. The stock was sold at an average price of $165.75, for a total transaction of $981,240.00. Following the completion of the transaction, the chief executive officer now directly owns 187,179 shares in the company, valued at $31,024,919.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert A. Bruggeworth sold 788 shares of Qorvo stock in a transaction on Monday, May 17th. The shares were sold at an average price of $168.78, for a total value of $132,998.64. Following the completion of the transaction, the chief executive officer now owns 193,761 shares of the company’s stock, valued at $32,702,981.58. The disclosure for this sale can be found here. Insiders sold 24,130 shares of company stock valued at $4,163,421 over the last quarter. 0.66% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. KB Financial Partners LLC purchased a new position in Qorvo in the first quarter valued at $26,000. International Assets Investment Management LLC purchased a new position in Qorvo in the fourth quarter valued at $26,000. Capital Asset Advisory Services LLC purchased a new position in Qorvo in the fourth quarter valued at $30,000. Huntington National Bank boosted its holdings in Qorvo by 172.5% in the first quarter. Huntington National Bank now owns 188 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 119 shares during the period. Finally, CENTRAL TRUST Co raised its stake in Qorvo by 39.7% in the first quarter. CENTRAL TRUST Co now owns 190 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

NASDAQ QRVO traded up $1.36 during trading hours on Thursday, reaching $182.91. The company’s stock had a trading volume of 578,447 shares, compared to its average volume of 1,289,546. The stock has a market capitalization of $20.59 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.39. Qorvo has a 1-year low of $104.57 and a 1-year high of $201.68. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.64 and a quick ratio of 2.90. The firm has a 50-day moving average price of $185.00.

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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