Qorvo Inc (NASDAQ:QRVO) CEO Robert A. Bruggeworth sold 3,086 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $82.09, for a total transaction of $253,329.74. Following the completion of the sale, the chief executive officer now owns 193,258 shares of the company’s stock, valued at approximately $15,864,549.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
QRVO traded down $0.66 during midday trading on Friday, reaching $81.50. 1,216,282 shares of the company’s stock were exchanged, compared to its average volume of 1,699,969. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 1.28 and a beta of 0.99. The company has a quick ratio of 2.15, a current ratio of 3.39 and a debt-to-equity ratio of 0.12. Qorvo Inc has a one year low of $64.53 and a one year high of $86.84.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.20. The firm had revenue of $692.70 million during the quarter, compared to analysts’ expectations of $656.97 million. Qorvo had a negative net margin of 1.31% and a positive return on equity of 12.85%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. equities research analysts expect that Qorvo Inc will post 5.46 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the company. Resources Investment Advisors Inc. raised its stake in shares of Qorvo by 159.6% in the first quarter. Resources Investment Advisors Inc. now owns 1,480 shares of the semiconductor company’s stock valued at $104,000 after acquiring an additional 910 shares during the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Qorvo in the second quarter valued at approximately $119,000. Engineers Gate Manager LP bought a new position in shares of Qorvo in the second quarter valued at approximately $200,000. Marshall Wace LLP bought a new position in shares of Qorvo in the second quarter valued at approximately $203,000. Finally, Intact Investment Management Inc. bought a new position in shares of Qorvo in the second quarter valued at approximately $216,000. Institutional investors own 98.77% of the company’s stock.
Several equities research analysts recently weighed in on QRVO shares. Cowen set a $75.00 target price on shares of Qorvo and gave the company a “hold” rating in a research note on Monday, April 23rd. JPMorgan Chase & Co. reduced their target price on shares of Qorvo from $92.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, April 24th. Morgan Stanley reduced their target price on shares of Qorvo from $74.00 to $72.00 and set an “equal weight” rating for the company in a research note on Monday, April 30th. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and set a $87.00 target price for the company in a research note on Tuesday, May 1st. Finally, Canaccord Genuity cut their price target on shares of Qorvo from $89.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, May 1st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $84.48.
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.
Further Reading: Diversification
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