Qorvo (NASDAQ:QRVO) Announces Quarterly Earnings Results

Qorvo (NASDAQ:QRVO) posted its quarterly earnings data on Tuesday. The semiconductor company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53, FiscalAI reports. Qorvo had a net margin of 10.95% and a return on equity of 17.17%. The business had revenue of $784.79 million for the quarter, compared to analysts’ expectations of $743.28 million. During the same quarter in the previous year, the business posted $0.92 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. Qorvo updated its FY 2027 guidance to 7.000-7.000 EPS.

Qorvo Trading Up 0.7%

Shares of NASDAQ QRVO traded up $0.65 during mid-day trading on Thursday, reaching $90.15. The company had a trading volume of 322,573 shares, compared to its average volume of 1,286,682. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 1.44 and a beta of 1.44. Qorvo has a 52 week low of $74.92 and a 52 week high of $109.49. The business’s 50-day moving average is $94.34 and its 200-day moving average is $86.71. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Insider Activity at Qorvo

In other news, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,966,127 shares of company stock worth $198,911,103. Corporate insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of institutional investors and hedge funds have recently bought and sold shares of QRVO. Invesco Ltd. increased its stake in shares of Qorvo by 29.7% during the fourth quarter. Invesco Ltd. now owns 457,028 shares of the semiconductor company’s stock valued at $38,623,000 after buying an additional 104,574 shares during the period. Corient Private Wealth LLC raised its holdings in shares of Qorvo by 1,436.7% in the fourth quarter. Corient Private Wealth LLC now owns 159,652 shares of the semiconductor company’s stock valued at $13,492,000 after acquiring an additional 149,263 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Qorvo by 33.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,776 shares of the semiconductor company’s stock worth $1,756,000 after acquiring an additional 5,260 shares during the period. EP Wealth Advisors LLC purchased a new stake in Qorvo in the fourth quarter worth about $640,000. Finally, Empowered Funds LLC grew its holdings in Qorvo by 271.2% during the 4th quarter. Empowered Funds LLC now owns 19,975 shares of the semiconductor company’s stock worth $1,688,000 after acquiring an additional 14,594 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Zacks Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Craig Hallum restated a “buy” rating and set a $120.00 target price on shares of Qorvo in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Citigroup reduced their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.00.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.