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Qorvo Snaps up NextInput; Street Says Buy

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Wireless and wired products and services provider Qorvo Inc. (QRVO) has acquired NextInput. The latter provides force-sensing solutions for human-machine interface (HMI) in diverse markets such as mobile, true wireless stereo, consumer, automotive, IoT, robotics, medical and industrial.

The transaction enhances Qorvo’s product portfolio and helps it in speeding up offerings of force-sensing solutions that make use of micro-electromechanical systems (MEMS)- based sensors.

Qorvo Mobile Products President, Eric Creviston said, “The NextInput team is a great addition to our Mobile products business, providing MEMS-based sensors in innovative products for customers in existing and new markets.” (See Qorvo stock analysis on TipRanks)

Creviston added, “NextInput enhances Qorvo’s technology and product leadership while opening new opportunities in next-generation human-machine interface solutions.”

On May 5, Qorvo announced its 4Q results. Revenue increased 35.8% year-on-year to $1.07 billion and came in ahead of consensus estimates by $30 million. Non-GAAP earnings per share were $2.74 and beat analysts’ estimates by $0.31.

Qorvo expects double-digit topline growth and an expansion in operating margin for the year ending March 2022. The company also announced a $2 billion stock buyback program.

For 1Q, Qorvo estimates revenue to be in the range of $1.065 billion to $1.095 billion and earnings per share of $2.45.

On May 6, Barclays analyst Blayne Curtis reiterated a Buy rating on the stock and increased the price target to $210 (13.7% upside potential) from $200.

Commenting on Qorvo’s 4Q results as a “beat and raise” quarter, Curtis noted the guidance as “conservative.”

Consensus on the Street is that Qorvo is a Strong Buy based on 10 Buys, and 3 Holds. The average analyst price target of $215.08 implies 16.5% upside potential. Shares have gained about 86.8% over the past year.

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