Zacks: Analysts Expect Qorvo (QRVO) Will Post Quarterly Sales of $656.56 Million

Equities research analysts expect that Qorvo (NASDAQ:QRVO) will announce sales of $656.56 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Qorvo’s earnings, with the lowest sales estimate coming in at $654.70 million and the highest estimate coming in at $660.00 million. Qorvo posted sales of $642.99 million in the same quarter last year, which suggests a positive year-over-year growth rate of 2.1%. The firm is scheduled to report its next earnings results after the market closes on Wednesday, May 2nd.

According to Zacks, analysts expect that Qorvo will report full-year sales of $2.99 billion for the current financial year, with estimates ranging from $2.96 billion to $3.10 billion. For the next fiscal year, analysts expect that the firm will post sales of $3.28 billion per share, with estimates ranging from $3.17 billion to $3.35 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Qorvo.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.09. The company had revenue of $845.70 million for the quarter, compared to analyst estimates of $841.09 million. Qorvo had a net margin of 0.95% and a return on equity of 11.72%. Qorvo’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.35 earnings per share.

A number of equities analysts have recently commented on QRVO shares. Instinet upgraded shares of Qorvo from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, February 1st. JPMorgan Chase set a $92.00 target price on shares of Qorvo and gave the company a “buy” rating in a report on Friday, March 16th. Zacks Investment Research lowered shares of Qorvo from a “hold” rating to a “sell” rating in a report on Monday, January 22nd. Nomura lowered shares of Qorvo from a “buy” rating to a “neutral” rating and dropped their target price for the company from $85.00 to $75.00 in a report on Tuesday, March 20th. Finally, Needham & Company LLC boosted their target price on shares of Qorvo from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $81.47.

Shares of NASDAQ:QRVO traded down $0.75 during mid-day trading on Friday, reaching $69.88. 1,660,795 shares of the company’s stock were exchanged, compared to its average volume of 1,341,902. The firm has a market cap of $8,934.24, a PE ratio of 17.25, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.62 and a current ratio of 4.72. Qorvo has a twelve month low of $62.68 and a twelve month high of $86.84.

In other Qorvo news, Director Daniel A. Dileo sold 2,500 shares of Qorvo stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $83.97, for a total value of $209,925.00. Following the completion of the sale, the director now directly owns 27,282 shares of the company’s stock, valued at $2,290,869.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of Qorvo stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $78.97, for a total transaction of $473,820.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,500 shares of company stock valued at $1,679,955. Insiders own 0.91% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Qorvo by 1.4% in the fourth quarter. BlackRock Inc. now owns 8,601,788 shares of the semiconductor company’s stock valued at $572,880,000 after purchasing an additional 120,708 shares in the last quarter. Boston Partners increased its stake in Qorvo by 47.5% in the fourth quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock valued at $191,089,000 after purchasing an additional 924,017 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Qorvo by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 1,400,759 shares of the semiconductor company’s stock worth $93,101,000 after acquiring an additional 51,844 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of Qorvo by 63.9% during the fourth quarter. Guggenheim Capital LLC now owns 1,339,659 shares of the semiconductor company’s stock worth $89,223,000 after acquiring an additional 522,526 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Qorvo by 4.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock worth $86,067,000 after acquiring an additional 50,179 shares in the last quarter. 97.56% of the stock is owned by hedge funds and other institutional investors.

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About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PA), low noise amplifiers, switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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