Qorvo (NASDAQ:QRVO) Issues Quarterly Earnings Results, Beats Expectations By $0.48 EPS

Qorvo (NASDAQ:QRVO) issued its earnings results on Tuesday. The semiconductor company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.48, Briefing.com reports. Qorvo had a net margin of 9.22% and a return on equity of 15.10%. The firm had revenue of $808.30 million for the quarter, compared to analysts’ expectations of $801.31 million. During the same quarter last year, the company earned $1.42 earnings per share. The firm’s revenue was down 7.0% compared to the same quarter last year. Qorvo updated its FY 2027 guidance to 7.000-7.000 EPS.

Qorvo Stock Performance

QRVO traded up $0.09 during trading on Thursday, hitting $89.03. The stock had a trading volume of 915,040 shares, compared to its average volume of 1,297,911. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.89 and a current ratio of 3.67. The firm has a market capitalization of $8.25 billion, a P/E ratio of 24.56, a PEG ratio of 1.52 and a beta of 1.42. The company’s 50-day moving average price is $81.16 and its 200 day moving average price is $83.93. Qorvo has a twelve month low of $71.64 and a twelve month high of $106.30.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of research analyst reports. Mizuho reissued an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday. Wolfe Research cut shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Citigroup cut their price objective on shares of Qorvo from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, January 28th. Finally, Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Qorvo has a consensus rating of “Hold” and a consensus price target of $96.00.

Hedge Funds Weigh In On Qorvo

Several institutional investors have recently bought and sold shares of the company. State Street Corp increased its stake in Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares during the period. FIL Ltd boosted its position in shares of Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after purchasing an additional 421,224 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Qorvo by 8.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock worth $158,027,000 after purchasing an additional 142,731 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Qorvo by 20.2% during the 2nd quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock worth $128,975,000 after purchasing an additional 255,068 shares in the last quarter. Finally, AQR Arbitrage LLC purchased a new stake in shares of Qorvo during the 4th quarter worth $118,204,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.