Piper Jaffray Companies Research Analysts Decrease Earnings Estimates for Qorvo Inc (QRVO)
Qorvo Inc (NASDAQ:QRVO) – Piper Jaffray Companies reduced their Q1 2020 earnings estimates for Qorvo in a research report issued to clients and investors on Tuesday, May 21st. Piper Jaffray Companies analyst H. Kumar now expects that the semiconductor company will earn $0.95 per share for the quarter, down from their previous forecast of $1.10. Piper Jaffray Companies has a “Overweight” rating and a $75.00 price target on the stock. Piper Jaffray Companies also issued estimates for Qorvo’s Q2 2020 earnings at $0.92 EPS, Q3 2020 earnings at $1.08 EPS, Q4 2020 earnings at $0.88 EPS and FY2020 earnings at $3.84 EPS.
Other analysts also recently issued research reports about the company. DA Davidson boosted their price target on Qorvo from $6.00 to $82.00 in a research note on Wednesday, May 8th. TheStreet raised Qorvo from a “c+” rating to a “b-” rating in a report on Monday, March 25th. Zacks Investment Research raised Qorvo from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a report on Wednesday, April 10th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Qorvo in a report on Monday, March 4th. Finally, Goldman Sachs Group raised Qorvo from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $66.00 to $79.00 in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company’s stock. Qorvo presently has a consensus rating of “Hold” and an average target price of $75.95.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.23. The business had revenue of $680.88 million for the quarter, compared to the consensus estimate of $670.59 million. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.07 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Resources Investment Advisors Inc. acquired a new position in shares of Qorvo during the fourth quarter valued at approximately $27,000. Ameritas Investment Corp acquired a new position in shares of Qorvo during the first quarter valued at approximately $30,000. CSat Investment Advisory L.P. raised its holdings in shares of Qorvo by 82.9% during the fourth quarter. CSat Investment Advisory L.P. now owns 534 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 242 shares during the last quarter. Enlightenment Research LLC acquired a new position in shares of Qorvo during the fourth quarter valued at approximately $43,000. Finally, Lavaca Capital LLC acquired a new position in shares of Qorvo during the first quarter valued at approximately $45,000. 92.52% of the stock is owned by institutional investors.
In related news, VP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $68.87, for a total value of $206,610.00. Following the completion of the transaction, the vice president now owns 55,006 shares of the company’s stock, valued at approximately $3,788,263.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James L. Klein sold 1,914 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total value of $137,808.00. Following the completion of the transaction, the vice president now directly owns 53,859 shares of the company’s stock, valued at approximately $3,877,848. The disclosure for this sale can be found here. Insiders sold a total of 246,024 shares of company stock valued at $17,108,361 in the last ninety days. 0.85% of the stock is currently owned by insiders.
Qorvo Company Profile
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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