Qorvo, Inc. (QRVO) Releases Q2 Earnings Guidance
Qorvo, Inc. (NASDAQ:QRVO) updated its second quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.36-1.50 for the period, compared to the Thomson Reuters consensus estimate of $1.52. The company issued revenue guidance of $800-820 million, compared to the consensus revenue estimate of $845.84 million.
Several research firms have recently weighed in on QRVO. Mizuho reissued a hold rating and issued a $70.00 target price on shares of Qorvo in a report on Friday. TheStreet downgraded Qorvo from a b rating to a c rating in a report on Wednesday. Canaccord Genuity boosted their target price on Qorvo from $79.00 to $81.00 and gave the company a buy rating in a report on Thursday. Drexel Hamilton reissued a buy rating and issued a $95.00 target price on shares of Qorvo in a report on Tuesday. Finally, BidaskClub downgraded Qorvo from a buy rating to a hold rating in a report on Tuesday, June 27th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $72.74.
Qorvo, Inc. (NASDAQ:QRVO) traded down 0.40% during trading on Friday, reaching $66.62. The company’s stock had a trading volume of 965,527 shares. The firm has a 50 day moving average of $68.08 and a 200 day moving average of $68.64. The stock’s market capitalization is $8.46 billion. Qorvo, Inc. has a 52 week low of $48.28 and a 52 week high of $79.34.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.07. The firm had revenue of $640.80 million for the quarter, compared to analysts’ expectations of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. Qorvo’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the company posted $1.08 earnings per share. Analysts expect that Qorvo, Inc. will post $5.57 EPS for the current year.
In other news, insider Robert A. Bruggeworth sold 27,840 shares of Qorvo stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $77.87, for a total transaction of $2,167,900.80. Following the sale, the insider now owns 238,682 shares of the company’s stock, valued at $18,586,167.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Steven E. Creviston sold 26,911 shares of Qorvo stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $77.00, for a total value of $2,072,147.00. Following the sale, the vice president now directly owns 153,644 shares in the company, valued at approximately $11,830,588. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 139,586 shares of company stock worth $10,034,869. Corporate insiders own 0.91% of the company’s stock.
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Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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