Qorvo, Inc. (NASDAQ:QRVO) Director Sells $101,630.50 in Stock

Qorvo, Inc. (NASDAQ:QRVO) Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director now directly owns 7,597 shares of the company’s stock, valued at approximately $532,473.73. The trade was a 16.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Qorvo Price Performance

QRVO opened at $73.19 on Friday. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The stock has a fifty day moving average price of $66.45 and a 200 day moving average price of $71.85. The stock has a market cap of $6.84 billion, a price-to-earnings ratio of 261.39, a PEG ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The business had revenue of $869.47 million during the quarter, compared to analysts’ expectations of $850.13 million. During the same quarter in the previous year, the business posted $1.39 EPS. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. Analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on QRVO. Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Benchmark raised shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Wednesday, April 30th. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $90.00 to $106.00 in a research note on Tuesday, January 21st. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Finally, TD Cowen reduced their price objective on Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $91.21.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Qorvo in the third quarter valued at approximately $200,000. Franklin Resources Inc. raised its holdings in Qorvo by 43.2% in the 3rd quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock worth $5,523,000 after acquiring an additional 15,925 shares during the period. Principal Financial Group Inc. lifted its position in Qorvo by 1.3% during the 3rd quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock worth $11,270,000 after acquiring an additional 1,426 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Qorvo during the fourth quarter valued at about $310,000. Finally, Diversified Trust Co acquired a new stake in shares of Qorvo in the fourth quarter valued at about $806,000. 88.57% of the stock is owned by institutional investors.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.