Qorvo (QRVO) closed at $111.23 in the latest trading session, marking a -0.37% move from the prior day. This move lagged the S&P 500's daily loss of 0.28%. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq lost 0.03%.
Coming into today, shares of the chipmaker had gained 2.95% in the past month. In that same time, the Computer and Technology sector gained 5.05%, while the S&P 500 gained 3.31%.
Investors will be hoping for strength from QRVO as it approaches its next earnings release. In that report, analysts expect QRVO to post earnings of $1.67 per share. This would mark a year-over-year decline of 9.73%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $850.66 million, up 2.2% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.69 per share and revenue of $3.16 billion. These totals would mark changes of -1.22% and +2.15%, respectively, from last year.
Any recent changes to analyst estimates for QRVO should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. QRVO is currently a Zacks Rank #3 (Hold).
Looking at its valuation, QRVO is holding a Forward P/E ratio of 19.63. This represents a premium compared to its industry's average Forward P/E of 18.97.
It is also worth noting that QRVO currently has a PEG ratio of 1.65. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Semiconductors - Radio Frequency industry currently had an average PEG ratio of 1.46 as of yesterday's close.
The Semiconductors - Radio Frequency industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 105, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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