Qorvo (NASDAQ:QRVO) Issues Quarterly Earnings Results

Qorvo (NASDAQ:QRVO) issued its quarterly earnings results on Tuesday. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.53, FiscalAI reports. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo updated its FY 2027 guidance to 7.000-7.000 EPS.

Qorvo Stock Performance

NASDAQ:QRVO traded up $2.00 during mid-day trading on Tuesday, hitting $91.76. The stock had a trading volume of 1,876,040 shares, compared to its average volume of 1,277,651. Qorvo has a twelve month low of $74.92 and a twelve month high of $109.49. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 1.36 and a beta of 1.44. The company’s 50 day simple moving average is $94.58 and its 200 day simple moving average is $86.59. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24.

Insiders Place Their Bets

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the completion of the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. This trade represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,966,127 shares of company stock worth $198,911,103. Company insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its holdings in Qorvo by 215.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 231 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Qorvo in the third quarter valued at $36,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. Danske Bank A S bought a new position in shares of Qorvo in the third quarter valued at about $109,000. Finally, Larson Financial Group LLC lifted its stake in shares of Qorvo by 54.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,294 shares of the semiconductor company’s stock worth $118,000 after buying an additional 457 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. UBS Group upped their target price on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Mizuho reissued an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Citigroup raised their price target on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday. Three analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $97.07.

About Qorvo

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.