Brokerages Expect Qorvo, Inc. (NASDAQ:QRVO) Will Post Earnings of $1.25 Per Share
Analysts expect Qorvo, Inc. (NASDAQ:QRVO) to report $1.25 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Qorvo’s earnings. Qorvo posted earnings per share of $1.09 during the same quarter last year, which indicates a positive year-over-year growth rate of 14.7%. The firm is expected to announce its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Qorvo will report full year earnings of $4.84 per share for the current financial year. For the next financial year, analysts expect that the business will post earnings of $5.90 per share. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that follow Qorvo.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The business had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.08 earnings per share.
QRVO has been the topic of a number of research reports. TheStreet upgraded Qorvo from a “c+” rating to a “b” rating in a report on Wednesday, May 3rd. Needham & Company LLC increased their price objective on Qorvo from $70.00 to $86.00 and gave the stock a “buy” rating in a report on Friday, May 26th. Charter Equity restated a “buy” rating on shares of Qorvo in a report on Monday, May 15th. Craig Hallum increased their price objective on Qorvo from $68.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Benchmark Co. initiated coverage on Qorvo in a report on Tuesday, April 25th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Qorvo currently has an average rating of “Hold” and an average target price of $73.28.
In related news, insider Robert A. Bruggeworth sold 27,840 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $77.87, for a total value of $2,167,900.80. Following the completion of the transaction, the insider now directly owns 238,682 shares in the company, valued at $18,586,167.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roderick Nelson sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $74.41, for a total value of $148,820.00. Following the completion of the transaction, the director now owns 5,907 shares of the company’s stock, valued at $439,539.87. The disclosure for this sale can be found here. Insiders sold 136,986 shares of company stock valued at $9,863,763 over the last three months. 0.91% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new position in shares of Qorvo during the fourth quarter worth approximately $574,000. UBS Asset Management Americas Inc. raised its position in shares of Qorvo by 2.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 867,182 shares of the semiconductor company’s stock worth $45,725,000 after buying an additional 17,641 shares during the last quarter. Kentucky Retirement Systems purchased a new position in shares of Qorvo during the fourth quarter worth approximately $489,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Qorvo during the fourth quarter worth approximately $218,000. Finally, Chevy Chase Trust Holdings Inc. raised its position in shares of Qorvo by 2.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 109,010 shares of the semiconductor company’s stock worth $7,474,000 after buying an additional 2,279 shares during the last quarter. Institutional investors and hedge funds own 97.39% of the company’s stock.
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Shares of Qorvo (QRVO) opened at 69.16 on Friday. The firm’s market capitalization is $8.78 billion. Qorvo has a 52-week low of $48.28 and a 52-week high of $79.34. The company has a 50 day moving average of $67.57 and a 200 day moving average of $68.60.
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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