Qorvo Inc (NASDAQ:QRVO) VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $73.45, for a total value of $220,350.00. Following the transaction, the vice president now directly owns 70,446 shares of the company’s stock, valued at approximately $5,174,258.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of QRVO stock opened at $72.68 on Friday. Qorvo Inc has a one year low of $64.53 and a one year high of $86.84. The company has a market capitalization of $9.66 billion, a P/E ratio of 15.21, a P/E/G ratio of 1.18 and a beta of 0.96. The company has a current ratio of 3.39, a quick ratio of 2.15 and a debt-to-equity ratio of 0.12.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, August 1st. The semiconductor company reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.20. Qorvo had a positive return on equity of 12.85% and a negative net margin of 1.31%. The business had revenue of $692.70 million for the quarter, compared to analysts’ expectations of $656.97 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm’s revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Qorvo Inc will post 5.46 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in QRVO. Wells Fargo & Company MN boosted its holdings in Qorvo by 21.4% in the first quarter. Wells Fargo & Company MN now owns 99,886 shares of the semiconductor company’s stock valued at $7,037,000 after acquiring an additional 17,641 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Qorvo by 47.2% in the first quarter. PNC Financial Services Group Inc. now owns 25,552 shares of the semiconductor company’s stock valued at $1,800,000 after acquiring an additional 8,189 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Qorvo by 289.1% in the first quarter. Russell Investments Group Ltd. now owns 27,283 shares of the semiconductor company’s stock valued at $1,907,000 after acquiring an additional 20,272 shares during the last quarter. Sei Investments Co. boosted its holdings in Qorvo by 180.2% in the first quarter. Sei Investments Co. now owns 76,210 shares of the semiconductor company’s stock valued at $5,368,000 after acquiring an additional 49,008 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in Qorvo in the first quarter valued at approximately $262,000. Institutional investors and hedge funds own 94.08% of the company’s stock.
QRVO has been the topic of several research reports. Morgan Stanley reduced their price target on Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. BidaskClub upgraded Qorvo from a “sell” rating to a “hold” rating in a report on Friday, September 21st. ValuEngine cut Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, August 18th. Zacks Investment Research upgraded Qorvo from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a report on Monday, August 6th. Finally, Needham & Company LLC boosted their price target on Qorvo from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company. Qorvo has an average rating of “Hold” and a consensus price target of $84.33.
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.
See Also: What is a stock buyback?
Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.