$740.28 Million in Sales Expected for Qorvo Inc (NASDAQ:QRVO) This Quarter

Analysts expect Qorvo Inc (NASDAQ:QRVO) to report $740.28 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Qorvo’s earnings, with the highest sales estimate coming in at $741.20 million and the lowest estimate coming in at $740.00 million. Qorvo reported sales of $692.67 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6.9%. The business is expected to announce its next quarterly earnings results on Wednesday, August 7th.

According to Zacks, analysts expect that Qorvo will report full year sales of $2.89 billion for the current year, with estimates ranging from $2.79 billion to $2.94 billion. For the next financial year, analysts expect that the business will report sales of $3.12 billion, with estimates ranging from $2.93 billion to $3.32 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Qorvo.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The business had revenue of $680.88 million during the quarter, compared to analyst estimates of $670.59 million. During the same quarter last year, the business earned $1.07 earnings per share. Qorvo’s quarterly revenue was up 2.3% compared to the same quarter last year.

Several brokerages have recently weighed in on QRVO. DA Davidson boosted their price target on shares of Qorvo from $6.00 to $82.00 in a research report on Wednesday, May 8th. TheStreet upgraded shares of Qorvo from a “c+” rating to a “b-” rating in a research note on Monday, March 25th. Zacks Investment Research upgraded shares of Qorvo from a “sell” rating to a “buy” rating and set a $84.00 target price on the stock in a research note on Monday, May 13th. Barclays restated a “buy” rating and set a $80.00 price objective on shares of Qorvo in a report on Thursday, May 9th. Finally, Craig Hallum restated a “buy” rating and set a $85.00 price objective (up from $72.00) on shares of Qorvo in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $75.52.

In other Qorvo news, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total value of $137,808.00. Following the sale, the vice president now owns 53,859 shares of the company’s stock, valued at approximately $3,877,848. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $74.84, for a total value of $224,520.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,573 shares of company stock valued at $2,501,389 over the last ninety days. Insiders own 0.71% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its holdings in shares of Qorvo by 122.1% during the fourth quarter. First Trust Advisors LP now owns 134,976 shares of the semiconductor company’s stock valued at $8,197,000 after purchasing an additional 74,216 shares during the last quarter. LPL Financial LLC lifted its stake in Qorvo by 2.3% during the fourth quarter. LPL Financial LLC now owns 25,112 shares of the semiconductor company’s stock worth $1,525,000 after purchasing an additional 574 shares during the last quarter. Stephens Inc. AR lifted its stake in Qorvo by 13.3% during the fourth quarter. Stephens Inc. AR now owns 11,500 shares of the semiconductor company’s stock worth $698,000 after purchasing an additional 1,354 shares during the last quarter. NEXT Financial Group Inc lifted its stake in Qorvo by 61.7% during the fourth quarter. NEXT Financial Group Inc now owns 2,315 shares of the semiconductor company’s stock worth $141,000 after purchasing an additional 883 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Qorvo by 13.0% during the fourth quarter. Raymond James & Associates now owns 88,813 shares of the semiconductor company’s stock worth $5,394,000 after purchasing an additional 10,221 shares during the last quarter. 92.95% of the stock is currently owned by institutional investors and hedge funds.

Shares of Qorvo stock traded down $0.29 during trading hours on Wednesday, reaching $69.34. 941,927 shares of the company’s stock were exchanged, compared to its average volume of 1,426,254. Qorvo has a 1 year low of $54.74 and a 1 year high of $86.50. The stock has a market capitalization of $8.22 billion, a P/E ratio of 13.23, a P/E/G ratio of 2.10 and a beta of 1.08. The firm has a fifty day moving average price of $64.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.87 and a quick ratio of 2.69.

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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