Qorvo (NASDAQ:QRVO) Shares Gap Down to $118.68

Qorvo Inc (NASDAQ:QRVO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $121.48, but opened at $118.68. Qorvo shares last traded at $113.39, with a volume of 2,411,758 shares traded.

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets boosted their price objective on Qorvo to $85.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Morgan Stanley boosted their price objective on Qorvo from $104.00 to $112.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Canaccord Genuity downgraded shares of Qorvo from a “buy” rating to a “hold” rating and lifted their price target for the company from $92.00 to $110.00 in a research report on Wednesday, November 13th. Bank of America upgraded shares of Qorvo from an “underperform” rating to a “buy” rating in a research report on Monday, December 9th. Finally, Barclays lifted their price target on shares of Qorvo from $65.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $97.22.

The company has a debt-to-equity ratio of 0.24, a current ratio of 3.45 and a quick ratio of 2.37. The business’s 50-day moving average price is $114.20 and its two-hundred day moving average price is $88.91. The company has a market capitalization of $13.51 billion, a price-to-earnings ratio of 54.51, a P/E/G ratio of 2.01 and a beta of 1.22.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.30 by $0.22. Qorvo had a net margin of 8.19% and a return on equity of 15.10%. The business had revenue of $806.70 million during the quarter, compared to the consensus estimate of $754.67 million. During the same period in the previous year, the business earned $1.75 earnings per share. The company’s revenue was down 8.8% on a year-over-year basis. As a group, research analysts predict that Qorvo Inc will post 4.86 EPS for the current year.

In other Qorvo news, Director Walter H. Wilkinson sold 2,762 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.71, for a total transaction of $280,923.02. Following the completion of the transaction, the director now directly owns 36,565 shares in the company, valued at $3,719,026.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mark J. Murphy sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $104.40, for a total transaction of $417,600.00. Following the transaction, the chief financial officer now owns 105,357 shares of the company’s stock, valued at $10,999,270.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,070 shares of company stock valued at $2,402,702. Company insiders own 0.71% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in shares of Qorvo by 7.4% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,452 shares of the semiconductor company’s stock worth $108,000 after buying an additional 100 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Qorvo by 0.9% during the fourth quarter. IFP Advisors Inc now owns 17,507 shares of the semiconductor company’s stock worth $2,046,000 after buying an additional 150 shares in the last quarter. Advisor Partners LLC increased its holdings in shares of Qorvo by 4.9% during the fourth quarter. Advisor Partners LLC now owns 3,490 shares of the semiconductor company’s stock worth $393,000 after buying an additional 164 shares in the last quarter. World Asset Management Inc increased its holdings in shares of Qorvo by 2.1% during the third quarter. World Asset Management Inc now owns 8,349 shares of the semiconductor company’s stock worth $619,000 after buying an additional 170 shares in the last quarter. Finally, Winslow Evans & Crocker Inc. increased its holdings in shares of Qorvo by 11.8% during the fourth quarter. Winslow Evans & Crocker Inc. now owns 1,900 shares of the semiconductor company’s stock worth $222,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Qorvo Company Profile (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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