Qorvo Inc (QRVO) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $1.08 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $1.05. The company posted revenue of $698.54 million in the period, compared to analysts expectations of $650.64 million. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS.
Many Wall Street Analysts have commented on Qorvo Inc. Company shares were Reiterated by Cowen on Jul 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 65 from a previous price target of $55 .Mizuho Downgraded Qorvo Inc on Jul 1, 2016 to ” Neutral”, Price Target of the shares are set at $55.Qorvo Inc was Initiated by Morgan Stanley to “Equal-Weight” on Jun 27, 2016.
Qorvo Inc opened for trading at $63 and hit $63.44 on the upside on Friday, eventually ending the session at $63.23, with a gain of 0.21% or 0.13 points. The heightened volatility saw the trading volume jump to 25,46,741 shares. Company has a market cap of $8,064 M.
In a different news, on Jul 28, 2016, Robert A Bruggeworth (President and CEO) sold 10,000 shares at $64.50 per share price. According to the SEC, on Jul 11, 2016, James L Klein (VP and Pres. Infra. & Defense) sold 1,384 shares at $55.00 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.