Qorvo (NASDAQ:QRVO) Shares Gap Up Following Earnings Beat

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $62.65, but opened at $67.95. Qorvo shares last traded at $68.50, with a volume of 1,110,444 shares traded.

The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. The firm had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The company's revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.39 earnings per share.

Wall Street Analyst Weigh In

QRVO has been the topic of several analyst reports. Barclays increased their target price on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday. Loop Capital reduced their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a report on Wednesday. TD Cowen decreased their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday. Stifel Nicolaus set a $75.00 price target on Qorvo in a research report on Monday, April 28th. Finally, Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and a consensus target price of $91.21.

Hedge Funds Weigh In On Qorvo

Large investors have recently modified their holdings of the business. Ameriprise Financial Inc. raised its holdings in Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after acquiring an additional 1,816,811 shares in the last quarter. Norges Bank acquired a new position in shares of Qorvo during the 4th quarter worth approximately $71,825,000. Amundi raised its stake in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after purchasing an additional 981,519 shares in the last quarter. Wealthfront Advisers LLC boosted its holdings in shares of Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock valued at $65,153,000 after buying an additional 920,901 shares during the last quarter. Finally, Vulcan Value Partners LLC grew its stake in shares of Qorvo by 53.7% in the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Performance

The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The stock's fifty day moving average is $66.44 and its two-hundred day moving average is $72.92. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of 253.21, a P/E/G ratio of 15.57 and a beta of 1.38.

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.