Qorvo (QRVO) Shares Up 16.1% After Earnings Beat

Qorvo Inc (NASDAQ:QRVO)’s share price shot up 16.1% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $85.24 and last traded at $83.34. 10,687,422 shares traded hands during mid-day trading, an increase of 333% from the average session volume of 2,466,087 shares. The stock had previously closed at $71.77.

The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.09. The business had revenue of $845.70 million during the quarter, compared to analyst estimates of $841.09 million. Qorvo had a return on equity of 11.67% and a net margin of 0.95%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.35 earnings per share.

QRVO has been the topic of a number of recent analyst reports. Nomura upgraded Qorvo from a “neutral” rating to a “buy” rating and upped their price objective for the company from $75.00 to $85.00 in a report on Thursday. Barclays upped their price objective on Qorvo from $75.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday. Morgan Stanley upped their price objective on Qorvo from $70.00 to $74.00 and gave the company an “equal weight” rating in a report on Thursday. BMO Capital Markets upped their price objective on Qorvo from $63.00 to $70.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Canaccord Genuity upped their price objective on Qorvo from $81.00 to $89.00 and gave the company a “buy” rating in a report on Thursday. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $79.60.

In other news, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total transaction of $428,220.00. Following the sale, the vice president now owns 82,725 shares of the company’s stock, valued at $5,904,083.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Walter H. Wilkinson sold 15,925 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the sale, the director now directly owns 62,480 shares in the company, valued at approximately $4,999,649.60. The disclosure for this sale can be found here. Insiders have sold 53,096 shares of company stock worth $3,968,257 over the last 90 days. 0.91% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of QRVO. Wells Fargo & Company MN increased its position in shares of Qorvo by 1.2% during the second quarter. Wells Fargo & Company MN now owns 114,834 shares of the semiconductor company’s stock worth $7,271,000 after acquiring an additional 1,409 shares during the period. Mutual of America Capital Management LLC increased its position in shares of Qorvo by 6.7% during the second quarter. Mutual of America Capital Management LLC now owns 15,537 shares of the semiconductor company’s stock worth $984,000 after acquiring an additional 971 shares during the period. Advisor Group Inc. increased its position in shares of Qorvo by 5.1% during the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 126 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Qorvo during the second quarter worth $18,990,000. Finally, Voya Investment Management LLC increased its position in shares of Qorvo by 4.9% during the second quarter. Voya Investment Management LLC now owns 76,011 shares of the semiconductor company’s stock worth $4,813,000 after acquiring an additional 3,560 shares during the period. 96.49% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market capitalization of $10,270.00, a PE ratio of 384.62, a price-to-earnings-growth ratio of 1.26 and a beta of 1.05. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20.

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Qorvo Company Profile

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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