Qorvo Inc (QRVO) reported quarterly earnings results on Wednesday, May-4-2016. The company said it had a profit of $1.04 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.12. Analysts had a consensus of $0.92. The company posted revenue of $608.10 million in the period, compared to analysts expectations of $599.32 million. The company’s revenue was down -4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.11 EPS.
Many Wall Street Analysts have commented on Qorvo Inc. Qorvo Inc was Downgraded by Raymond James to ” Outperform” on Apr 19, 2016. Cowen Initiated Qorvo Inc on Apr 18, 2016 to “Market Perform”, Price Target of the shares are set at $50.Company shares were Reiterated by Mizuho on Apr 12, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .
Qorvo Inc closed down -0.32 points or -0.71% at $44.71 with 11,96,446 shares getting traded on Monday. Post opening the session at $45.07, the shares hit an intraday low of $44 and an intraday high of $45.12 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Apr 14, 2016, James L Klein (VP and Pres. Infra. & Defense) sold 4,255 shares at $50.00 per share price. According to the SEC, on Apr 13, 2016, Robert A Bruggeworth (President and CEO) sold 1,096 shares at $47.96 per share price. On Jan 5, 2016, Steven E Creviston (VP and Pres. Mobile Products) sold 10,000 shares at $50.06 per share price, according to the Form-4 filing with the securities and exchange commission.
Qorvo Inc. provides core technologies and radio frequency (RF) solutions for mobile infrastructure and defense and aerospace applications. The Company offers amplification filtering and switching products for RF microwave and millimeter-wave applications. It serves the mobile device networks infrastructure and defense and aerospace markets. It designs develops manufactures and markets its products to the United States and international original equipment manufacturers and original design manufacturers. Its operating segments include Mobile Products (MP) and Infrastructure and Defense Products (IDP). The MP segment supplies RF solutions that perform various functions in the complex cellular radio front end section of smartphones and other cellular devices. The IDP segment supplies an array of RF solutions to wireless network infrastructure defense and aerospace markets and short-range connectivity applications for commercial consumer industrial and automotive markets.