Qorvo (NASDAQ:QRVO) Shares Gap Up Following Better-Than-Expected Earnings

Qorvo, Inc. (NASDAQ:QRVO)’s stock price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $84.67, but opened at $91.29. Qorvo shares last traded at $86.39, with a volume of 1,748,770 shares trading hands.

The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.30. The business had revenue of $818.80 million during the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.67%. The business’s revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.87 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on QRVO shares. Loop Capital increased their price target on shares of Qorvo from $75.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday. TD Cowen raised their target price on shares of Qorvo from $80.00 to $95.00 and gave the company a “hold” rating in a report on Wednesday. The Goldman Sachs Group assumed coverage on shares of Qorvo in a report on Thursday, July 10th. They set a “neutral” rating and a $90.00 target price for the company. Benchmark raised their target price on shares of Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Susquehanna raised their target price on shares of Qorvo from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.74.

Insider Activity at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director owned 7,597 shares of the company’s stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FNY Investment Advisers LLC increased its position in Qorvo by 980.9% during the second quarter. FNY Investment Advisers LLC now owns 1,470 shares of the semiconductor company’s stock worth $124,000 after purchasing an additional 1,334 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Qorvo by 5.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 10,377 shares of the semiconductor company’s stock worth $872,000 after purchasing an additional 541 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in Qorvo by 7.7% during the second quarter. Chicago Partners Investment Group LLC now owns 4,808 shares of the semiconductor company’s stock worth $426,000 after purchasing an additional 342 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Qorvo during the second quarter worth approximately $1,953,000. Finally, Allianz Asset Management GmbH increased its position in Qorvo by 32.5% during the second quarter. Allianz Asset Management GmbH now owns 522,118 shares of the semiconductor company’s stock worth $44,333,000 after purchasing an additional 128,162 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Up 2.2%

The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. The firm’s 50-day moving average is $82.90 and its 200 day moving average is $75.99. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 101.77, a price-to-earnings-growth ratio of 2.26 and a beta of 1.39.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.