Qorvo (NASDAQ:QRVO) Releases Q3 Earnings Guidance

Qorvo (NASDAQ:QRVO) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.10-1.30 for the period, compared to the consensus 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 NASDAQ:QRVO traded up $0.22 during midday trading on Tuesday, hitting $100.48. The company’s stock had a trading volume of 2,660,966 shares, compared to its average volume of 1,350,667. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of -137.56, a PEG ratio of 1.20 and a beta of 1.45. The stock’s 50 day simple moving average is $105.07 and its 200 day simple moving average is $108.06. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company earned $1.99 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. As a group, research analysts anticipate that Qorvo will post 4.84 earnings per share for the current year.

Analysts Set New Price Targets

QRVO has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Susquehanna dropped their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Craig Hallum raised their price objective on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Rosenblatt Securities raised their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, Raymond James raised their price objective on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $119.86.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’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 sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Company Profile

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.