Qorvo (QRVO - Free Report) closed at $115.91 in the latest trading session, marking a +0.15% move from the prior day. This move outpaced the S&P 500's daily loss of 0.15%. Meanwhile, the Dow gained 0.11%, and the Nasdaq, a tech-heavy index, lost 0.24%.
Prior to today's trading, shares of the chipmaker had gained 0.64% over the past month. This has lagged the Computer and Technology sector's gain of 7.03% and the S&P 500's gain of 3.88% in that time.
QRVO will be looking to display strength as it nears its next earnings release. On that day, QRVO is projected to report earnings of $1.67 per share, which would represent 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.
QRVO's full-year Zacks Consensus Estimates are calling for earnings of $5.69 per share and revenue of $3.16 billion. These results would represent year-over-year changes of -1.22% and +2.15%, respectively.
It is also important to note the recent changes to analyst estimates for QRVO. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. QRVO currently has a Zacks Rank of #3 (Hold).
Digging into valuation, QRVO currently has a Forward P/E ratio of 20.34. For comparison, its industry has an average Forward P/E of 19.95, which means QRVO is trading at a premium to the group.
It is also worth noting that QRVO currently has a PEG ratio of 1.71. 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 1.54 at yesterday's closing price.
The Semiconductors - Radio Frequency industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 60, which puts it in the top 24% 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.
To follow QRVO in the coming trading sessions, be sure to utilize Zacks.com.