Qorvo (NASDAQ:QRVO) Issues Earnings Results, Beats Estimates By $0.03 EPS

Qorvo (NASDAQ:QRVO) posted its quarterly earnings data on Tuesday. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03, Briefing.com reports. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business posted $1.99 EPS. The company’s revenue was down 5.2% on a year-over-year basis. Qorvo updated its Q3 guidance to $1.10-1.30 EPS.

Qorvo Stock Performance

QRVO traded up $0.22 during trading on Tuesday, hitting $100.48. The stock had a trading volume of 2,610,247 shares, compared to its average volume of 1,350,667. The firm 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. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99. 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 50 day simple moving average of $105.07 and a 200-day simple moving average of $108.06.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’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 in the company, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on QRVO shares. Needham & Company LLC assumed coverage on shares of Qorvo in a research note on Monday. They issued a “buy” rating and a $135.00 price objective for the company. Craig Hallum increased their target price on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Susquehanna cut their target price on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Finally, Rosenblatt Securities increased their target price on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $119.86.

About Qorvo

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.