Qorvo (QRVO) Trading 6.8% Higher After Strong Earnings

Qorvo Inc (NASDAQ:QRVO) shares traded up 6.8% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $78.89 and last traded at $78.49. 2,715,298 shares were traded during trading, an increase of 72% from the average session volume of 1,578,918 shares. The stock had previously closed at $73.51.

The semiconductor company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.13. Qorvo had a negative net margin of 1.31% and a positive return on equity of 12.85%. The company had revenue of $884.40 million for the quarter, compared to the consensus estimate of $855.57 million. During the same period in the previous year, the firm earned $1.52 EPS. Qorvo’s revenue was up 7.8% on a year-over-year basis.

A number of analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $92.00 price target on shares of Qorvo in a research report on Thursday. Barclays dropped their price target on shares of Qorvo from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Wednesday, October 17th. Morgan Stanley dropped their price target on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 3rd. Finally, BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $83.43.

In related news, insider Robert A. Bruggeworth sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $72.65, for a total value of $363,250.00. Following the sale, the insider now directly owns 180,572 shares in the company, valued at approximately $13,118,555.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $73.45, for a total transaction of $220,350.00. Following the completion of the sale, the vice president now owns 70,446 shares in the company, valued at $5,174,258.70. The disclosure for this sale can be found here. Insiders sold a total of 45,608 shares of company stock worth $3,635,256 over the last quarter. Insiders own 0.85% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. NEXT Financial Group Inc purchased a new position in shares of Qorvo in the third quarter worth approximately $110,000. Piedmont Investment Advisors LLC purchased a new position in shares of Qorvo in the second quarter worth approximately $119,000. Huntington National Bank increased its position in shares of Qorvo by 2,381.0% in the third quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock worth $160,000 after acquiring an additional 2,000 shares in the last quarter. Cerebellum GP LLC increased its position in shares of Qorvo by 123.5% in the third quarter. Cerebellum GP LLC now owns 2,461 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,360 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of Qorvo in the second quarter worth approximately $200,000. 94.06% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market capitalization of $8.91 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 1.09 and a beta of 0.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 3.39.

About Qorvo (NASDAQ:QRVO)

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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