Qorvo Inc (NASDAQ:QRVO)’s share price traded down 7.3% on Monday . The stock traded as low as $73.70 and last traded at $68.60. 123,410 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,337,870 shares. The stock had previously closed at $74.00.
Several equities analysts have recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Qorvo from $67.00 to $75.00 and gave the stock a “market perform” rating in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Morgan Stanley lowered their price objective on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 3rd. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Wednesday, October 17th. BidaskClub cut shares of Qorvo from a “hold” rating to a “sell” rating in a research note on Tuesday, August 21st. Finally, Barclays reduced their target price on shares of Qorvo from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, October 23rd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company. Qorvo has an average rating of “Hold” and an average target price of $83.43.
The firm has a market capitalization of $9.30 billion, a PE ratio of 14.55, a P/E/G ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.48 and a current ratio of 3.50.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business had revenue of $884.40 million during the quarter, compared to analyst estimates of $855.57 million. During the same period last year, the firm posted $1.52 EPS. The company’s revenue was up 7.8% on a year-over-year basis. On average, analysts anticipate that Qorvo Inc will post 5.46 EPS for the current year.
In other Qorvo news, insider Robert A. Bruggeworth sold 5,000 shares of the stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $72.65, for a total transaction of $363,250.00. Following the completion of the sale, the insider now directly owns 180,572 shares of the company’s stock, valued at approximately $13,118,555.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Gina Harrison sold 1,016 shares of the stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $74.00, for a total transaction of $75,184.00. Following the sale, the vice president now directly owns 18,381 shares of the company’s stock, valued at $1,360,194. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,608 shares of company stock valued at $3,635,256. Insiders own 0.85% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Gulf International Bank UK Ltd grew its holdings in Qorvo by 4.2% during the 3rd quarter. Gulf International Bank UK Ltd now owns 41,667 shares of the semiconductor company’s stock valued at $3,203,000 after buying an additional 1,681 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of Qorvo during the 3rd quarter valued at approximately $515,000. American Century Companies Inc. bought a new position in shares of Qorvo during the 3rd quarter valued at approximately $2,541,000. US Bancorp DE boosted its position in shares of Qorvo by 107.8% during the 3rd quarter. US Bancorp DE now owns 14,634 shares of the semiconductor company’s stock valued at $1,126,000 after acquiring an additional 7,590 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Qorvo by 403.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 93,073 shares of the semiconductor company’s stock valued at $7,155,000 after acquiring an additional 74,587 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.
About Qorvo (NASDAQ:QRVO)
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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