In the latest trading session, Qorvo (QRVO) closed at $114.35, marking a -0.57% move from the previous day. This change lagged the S&P 500's 0.03% gain on the day. Elsewhere, the Dow gained 0.11%, while the tech-heavy Nasdaq added 0.1%.
Coming into today, shares of the chipmaker had gained 11.38% in the past month. In that same time, the Computer and Technology sector gained 2.71%, while the S&P 500 gained 1.82%.
QRVO will be looking to display strength as it nears 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, our latest consensus estimate is calling for revenue of $850.66 million, up 2.2% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.69 per share and revenue of $3.16 billion, which would represent changes of -1.22% and +2.15%, respectively, from the prior year.
Any recent changes to analyst estimates for QRVO should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 currently has a Zacks Rank of #1 (Strong Buy).
Investors should also note QRVO's current valuation metrics, including its Forward P/E ratio of 20.22. For comparison, its industry has an average Forward P/E of 19, which means QRVO is trading at a premium to the group.
Investors should also note that QRVO has a PEG ratio of 1.73 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Semiconductors - Radio Frequency was holding an average PEG ratio of 1.49 at yesterday's closing price.
The Semiconductors - Radio Frequency industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 17, putting it in the top 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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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