Qorvo Inc (NASDAQ:QRVO) VP James L. Klein sold 2,094 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $70.52, for a total transaction of $147,668.88. Following the sale, the vice president now directly owns 51,638 shares in the company, valued at approximately $3,641,511.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Qorvo stock opened at $68.15 on Friday. The firm has a market capitalization of $8.78 billion, a PE ratio of 14.11, a PEG ratio of 1.00 and a beta of 0.92. Qorvo Inc has a fifty-two week low of $64.53 and a fifty-two week high of $86.84. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.13. The firm had revenue of $884.40 million for the quarter, compared to analysts’ expectations of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.52 earnings per share. As a group, sell-side analysts anticipate that Qorvo Inc will post 5.66 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in QRVO. Iridian Asset Management LLC CT increased its holdings in shares of Qorvo by 108.0% in the second quarter. Iridian Asset Management LLC CT now owns 2,569,085 shares of the semiconductor company’s stock worth $205,964,000 after purchasing an additional 1,334,035 shares during the period. Vulcan Value Partners LLC grew its position in Qorvo by 16.2% in the second quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock worth $625,174,000 after acquiring an additional 1,087,335 shares in the last quarter. Millennium Management LLC grew its position in Qorvo by 207.7% in the second quarter. Millennium Management LLC now owns 1,310,508 shares of the semiconductor company’s stock worth $105,063,000 after acquiring an additional 884,601 shares in the last quarter. Advisors Asset Management Inc. grew its position in Qorvo by 4,338.5% in the second quarter. Advisors Asset Management Inc. now owns 682,949 shares of the semiconductor company’s stock worth $1,282,000 after acquiring an additional 667,562 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Qorvo by 366.5% in the third quarter. Prudential Financial Inc. now owns 646,625 shares of the semiconductor company’s stock worth $49,719,000 after acquiring an additional 508,000 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on QRVO. BMO Capital Markets boosted their target price on shares of Qorvo from $67.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. They noted that the move was a valuation call. Morgan Stanley lowered their target price on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. Zacks Investment Research raised shares of Qorvo from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Wednesday, October 17th. BidaskClub cut shares of Qorvo from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Finally, Barclays lowered their target price on shares of Qorvo from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Tuesday, October 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Qorvo currently has a consensus rating of “Hold” and a consensus target price of $83.43.
Qorvo Company Profile
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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