Qorvo (NASDAQ:QRVO) Releases Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Qorvo (NASDAQ:QRVO - Get Free Report) posted its quarterly earnings results on Wednesday. The semiconductor company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18, Briefing.com reports. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period last year, the firm posted $0.11 earnings per share. The company's revenue for the quarter was up 48.7% on a year-over-year basis. Qorvo updated its Q1 guidance to $0.60-0.80 EPS.

Qorvo Stock Down 4.2 %

NASDAQ QRVO traded down $4.95 on Wednesday, hitting $111.89. 2,941,134 shares of the stock were exchanged, compared to its average volume of 1,278,736. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $121.65. The company has a market cap of $10.80 billion, a PE ratio of -52.42, a PEG ratio of 0.91 and a beta of 1.56. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $113.84 and a 200-day moving average price of $105.59.

Insider Transactions at Qorvo

In other news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Paul J. Fego sold 3,027 shares of the firm's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the transaction, the senior vice president now owns 29,705 shares of the company's stock, valued at $3,386,370. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,381 shares of company stock worth $745,434. Company insiders own 0.43% of the company's stock.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of analyst reports. Barclays lifted their target price on shares of Qorvo from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $125.00 target price on shares of Qorvo in a research note on Thursday, February 1st. The Goldman Sachs Group lifted their target price on shares of Qorvo from $104.00 to $117.00 and gave the stock a "neutral" rating in a research note on Thursday, February 1st. Rosenblatt Securities lifted their price target on shares of Qorvo from $95.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday, February 1st. Finally, Craig Hallum lifted their price target on shares of Qorvo from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $111.53.

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.

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