Qorvo (NASDAQ:QRVO) Announces Earnings Results

Qorvo (NASDAQ:QRVO) issued its quarterly earnings results on Tuesday. The semiconductor company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.19, Briefing.com reports. Qorvo had a net margin of 5.95% and a return on equity of 13.40%. Qorvo’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 EPS.

Qorvo Stock Performance

Shares of QRVO stock traded up $2.56 during trading hours on Wednesday, hitting $90.10. The stock had a trading volume of 487,655 shares, compared to its average volume of 2,276,251. The firm has a market capitalization of $8.35 billion, a PE ratio of 39.14, a PEG ratio of 1.74 and a beta of 1.44. Qorvo has a twelve month low of $49.46 and a twelve month high of $106.30. The stock’s 50 day moving average is $91.24 and its 200 day moving average is $84.62. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

Insider Buying and Selling at Qorvo

In other news, SVP Paul J. Fego sold 13,612 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $95.00, for a total value of $1,293,140.00. Following the completion of the sale, the senior vice president directly owned 54,558 shares of the company’s stock, valued at approximately $5,183,010. This represents a 19.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several large investors have recently modified their holdings of the stock. EP Wealth Advisors LLC raised its stake in shares of Qorvo by 12.5% during the second quarter. EP Wealth Advisors LLC now owns 4,148 shares of the semiconductor company’s stock worth $352,000 after purchasing an additional 461 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Qorvo by 2.1% during the second quarter. Treasurer of the State of North Carolina now owns 43,511 shares of the semiconductor company’s stock worth $3,695,000 after purchasing an additional 875 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Qorvo by 158.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $180,000 after purchasing an additional 1,301 shares during the last quarter. Vident Advisory LLC raised its position in Qorvo by 7.9% in the second quarter. Vident Advisory LLC now owns 19,109 shares of the semiconductor company’s stock worth $1,623,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Qorvo by 69.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,531 shares of the semiconductor company’s stock worth $470,000 after acquiring an additional 2,266 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Barclays boosted their price objective on Qorvo from $70.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 price objective on Qorvo and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Susquehanna reissued a “neutral” rating and set a $95.00 price objective (up from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Mizuho downgraded Qorvo from a “neutral” rating to an “underperform” rating and set a $75.00 price objective for the company. in a research report on Monday, October 20th. Finally, Craig Hallum reissued a “buy” rating on shares of Qorvo in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.80.

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.