Qorvo (NASDAQ:QRVO) Updates Q3 Earnings Guidance

by · The Cerbat Gem

Qorvo (NASDAQ:QRVO – Get Free Report) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $1.10-1.30 for the period, compared to the consensus earnings per share estimate of $1.93. The company issued revenue guidance of $875-925 million, compared to the consensus revenue estimate of $1.05 billion.

Qorvo Stock Performance

Shares of QRVO stock traded up $0.22 during trading on Tuesday, hitting $100.48. The company’s stock had a trading volume of 2,518,774 shares, compared to its average volume of 1,350,229. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company 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. The business has a fifty day moving average of $105.07 and a 200-day moving average of $108.06. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO – Get Free Report) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The firm had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business’s revenue was up 36.2% compared to the same quarter last year. During the same period last year, the firm posted $0.03 EPS. As a group, research analysts anticipate that Qorvo will post 4.84 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on QRVO. Piper Sandler reduced their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Susquehanna dropped their price target on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Needham & Company LLC began coverage on Qorvo in a report on Monday. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Craig Hallum boosted their price objective on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $119.86.

Get Our Latest Analysis on Qorvo

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

About Qorvo

(Get Free Report)

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.

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