Shares of Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) have received a consensus rating of “Hold” from the eighteen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $94.00.
A number of equities research analysts have recently commented on QRVO shares. Citigroup cut their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. UBS Group boosted their price objective on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Finally, TD Cowen reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th.
Read Our Latest Report on QRVO
Qorvo Stock Performance
Shares of QRVO opened at $114.17 on Friday. The stock has a 50 day moving average price of $109.12 and a 200 day moving average price of $92.70. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 1.98 and a beta of 1.42. Qorvo has a 52-week low of $74.92 and a 52-week high of $121.09.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 earnings per share. Research analysts predict that Qorvo will post 6.42 EPS for the current fiscal year.
Insider Transactions at Qorvo
In other news, CEO Robert Bruggeworth sold 28,744 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $2,899,407.28. Following the completion of the transaction, the chief executive officer owned 325,546 shares in the company, valued at $32,837,825.02. The trade was a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Grant Brown sold 5,179 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the transaction, the chief financial officer directly owned 49,268 shares in the company, valued at approximately $4,803,630. The trade was a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 62,309 shares of company stock valued at $6,304,642. Insiders own 0.49% of the company’s stock.
Hedge Funds Weigh In On Qorvo
A number of hedge funds have recently bought and sold shares of QRVO. BlackRock Inc. purchased a new stake in shares of Qorvo during the 2nd quarter valued at about $942,610,000. State Street Corp raised its holdings in shares of Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company’s stock valued at $356,640,000 after purchasing an additional 180,500 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Qorvo by 16.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock valued at $168,842,000 after purchasing an additional 311,645 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Qorvo during the second quarter valued at approximately $182,131,000. Finally, Assenagon Asset Management S.A. lifted its position in Qorvo by 0.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,192,155 shares of the semiconductor company’s stock valued at $136,478,000 after purchasing an additional 8,259 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc is a semiconductor company that develops radio-frequency (RF) and power-management solutions for wireless connectivity and other electronic systems. Its products include RF amplifiers, filters, switches, integrated modules, power amplifiers, and related components used to transmit, receive, and manage radio signals.
The company serves a range of markets, including smartphones and other mobile devices, wireless infrastructure, Wi-Fi and broadband equipment, automotive systems, Internet of Things devices, aerospace and defense applications, and industrial electronics.
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