Qorvo, Inc. (QRVO) Issues Quarterly Earnings Results
Qorvo, Inc. (NASDAQ:QRVO) announced its quarterly earnings results on Wednesday. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the consensus estimate of $1.52, Bloomberg Earnings reports. The company had revenue of $821.60 million for the quarter, compared to the consensus estimate of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. Qorvo updated its Q3 guidance to $1.60 EPS.
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Several equities research analysts have weighed in on QRVO shares. Nomura started coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price target on the stock. Instinet started coverage on Qorvo in a research report on Wednesday, September 6th. They set a “neutral” rating and a $75.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $86.00 price target on shares of Qorvo in a research report on Sunday, September 17th. Zacks Investment Research downgraded Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday, September 13th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.10.
In other Qorvo news, VP Gina Harrison sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $73.41, for a total value of $367,050.00. Following the sale, the vice president now owns 17,230 shares of the company’s stock, valued at $1,264,854.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James L. Klein sold 4,120 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $68.41, for a total transaction of $281,849.20. Following the completion of the sale, the vice president now directly owns 36,358 shares in the company, valued at approximately $2,487,250.78. The disclosure for this sale can be found here. Insiders sold 67,080 shares of company stock worth $4,788,693 in the last ninety days. Insiders own 0.91% of the company’s stock.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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