Qorvo Target of Unusually High Options Trading (NASDAQ:QRVO)

Qorvo, Inc. (NASDAQ:QRVO) saw some unusual options trading on Monday. Stock traders acquired 17,257 call options on the stock. This is an increase of 3,480% compared to the typical volume of 482 call options.

Qorvo Stock Up 4.6%

NASDAQ:QRVO traded up $4.52 during trading hours on Monday, hitting $102.94. The company’s stock had a trading volume of 989,582 shares, compared to its average volume of 1,287,138. Qorvo has a 52-week low of $74.92 and a 52-week high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $9.06 billion, a P/E ratio of 28.46, a price-to-earnings-growth ratio of 1.54 and a beta of 1.43. The stock has a fifty day moving average of $93.40 and a 200-day moving average of $86.22.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The company had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. During the same period in the previous year, the business earned $1.42 EPS. Qorvo’s revenue for the quarter was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities analysts forecast that Qorvo will post 5.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several research reports. Citigroup boosted their price target on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Mizuho restated an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price objective on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, UBS Group boosted their price objective on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus price target of $96.62.

Insider Transactions at Qorvo

In other news, SVP Paul J. Fego sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the senior vice president owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the transaction, the chief executive officer owned 319,880 shares of the company’s stock, valued at $32,115,952. This trade represents a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,966,127 shares of company stock valued at $198,911,103. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in shares of Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock worth $136,795,000 after buying an additional 1,571,303 shares during the last quarter. AQR Arbitrage LLC purchased a new position in shares of Qorvo in the 4th quarter valued at $118,204,000. Norges Bank acquired a new stake in Qorvo during the 4th quarter worth $92,430,000. Marshall Wace LLP lifted its position in Qorvo by 16,066.5% in the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after acquiring an additional 809,591 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Qorvo in the third quarter valued at $66,594,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.