Qorvo Inc (NASDAQ:QRVO) was the recipient of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 3,956,000 shares, a drop of 10.4% from the June 30th total of 4,416,100 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is presently 2.6 days.
In related news, Director Roderick Nelson sold 500 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $69.85, for a total value of $34,925.00. Following the completion of the sale, the director now owns 4,782 shares in the company, valued at $334,022.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert A. Bruggeworth sold 17,292 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $71.05, for a total transaction of $1,228,596.60. Following the completion of the sale, the insider now owns 193,002 shares of the company’s stock, valued at approximately $13,712,792.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,958 shares of company stock valued at $1,819,662. 0.71% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. ETF Managers Group LLC grew its stake in Qorvo by 7.9% in the 1st quarter. ETF Managers Group LLC now owns 2,031 shares of the semiconductor company’s stock worth $146,000 after acquiring an additional 149 shares during the period. Commonwealth Equity Services LLC grew its stake in Qorvo by 2.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock worth $521,000 after acquiring an additional 158 shares during the period. Diversified Trust Co grew its stake in Qorvo by 4.0% in the 1st quarter. Diversified Trust Co now owns 4,507 shares of the semiconductor company’s stock worth $323,000 after acquiring an additional 172 shares during the period. Commerce Bank grew its stake in Qorvo by 6.2% in the 2nd quarter. Commerce Bank now owns 3,637 shares of the semiconductor company’s stock worth $242,000 after acquiring an additional 212 shares during the period. Finally, World Asset Management Inc grew its stake in Qorvo by 3.2% in the 2nd quarter. World Asset Management Inc now owns 8,179 shares of the semiconductor company’s stock worth $545,000 after acquiring an additional 253 shares during the period. 93.85% of the stock is owned by hedge funds and other institutional investors.
Shares of Qorvo stock traded up $1.50 during trading on Friday, hitting $71.61. 1,132,848 shares of the company were exchanged, compared to its average volume of 1,401,906. The company has a quick ratio of 2.30, a current ratio of 3.44 and a debt-to-equity ratio of 0.23. Qorvo has a fifty-two week low of $54.74 and a fifty-two week high of $81.98. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 1.76 and a beta of 1.09. The firm has a 50 day moving average price of $70.89 and a 200 day moving average price of $69.45.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.23. Qorvo had a return on equity of 15.77% and a net margin of 6.39%. The firm had revenue of $775.60 million during the quarter, compared to the consensus estimate of $738.98 million. During the same period in the previous year, the firm posted $0.96 EPS. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. Analysts predict that Qorvo will post 4.3 earnings per share for the current year.
A number of equities research analysts recently commented on QRVO shares. Raymond James raised their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Mizuho set a $70.00 price target on shares of Qorvo and gave the company a “hold” rating in a research report on Friday, August 2nd. UBS Group lifted their price target on shares of Qorvo from $68.00 to $74.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on shares of Qorvo in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price target on shares of Qorvo from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Fourteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $76.86.
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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