Qorvo, Inc. (QRVO) Releases Q3 Earnings Guidance

Qorvo, Inc. (NASDAQ:QRVO) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.60 for the period, compared to the Thomson Reuters consensus estimate of $1.74. The company issued revenue guidance of $830-850 million, compared to the consensus revenue estimate of $893.28 million.

QRVO has been the topic of a number of recent research reports. Nomura initiated coverage on Qorvo in a research note on Tuesday, September 5th. They issued a neutral rating and a $75.00 target price on the stock. Canaccord Genuity upped their price target on Qorvo from $81.00 to $87.00 and gave the stock a buy rating in a report on Thursday. Morgan Stanley upped their price target on Qorvo from $68.00 to $69.00 and gave the stock an equal weight rating in a report on Thursday. Northland Securities cut Qorvo from an outperform rating to a market perform rating in a report on Thursday. Finally, Craig Hallum cut Qorvo from a buy rating to a hold rating and reduced their target price for the company from $78.00 to $71.00 in a report on Thursday. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the company. Qorvo presently has a consensus rating of Hold and a consensus price target of $73.10.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.52. The company had revenue of $821.60 million during the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.29 EPS.

In other news, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $71.34, for a total value of $428,040.00. Following the sale, the vice president now owns 120,110 shares in the company, valued at approximately $8,568,647.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 4,320 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $68.19, for a total transaction of $294,580.80. Following the completion of the sale, the insider now owns 206,925 shares in the company, valued at approximately $14,110,215.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,080 shares of company stock worth $4,788,693. Company insiders own 0.91% of the company’s stock.

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About Qorvo

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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