Shares of Qorvo Inc. (NASDAQ:QRVO) have been assigned an average rating of “Hold” from the twenty-seven analysts that are presently covering the firm. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $62.34.
A number of equities analysts recently commented on the stock. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a research note on Wednesday, September 21st. Cowen and Company lifted their price target on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. MKM Partners lifted their price target on shares of Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Zacks Investment Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a research note on Wednesday, July 6th.
In other news, CEO Robert A. Bruggeworth sold 10,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $59.50, for a total value of $595,000.00. Following the sale, the chief executive officer now owns 229,524 shares in the company, valued at $13,656,678. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James L. Klein sold 1,384 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $55.00, for a total transaction of $76,120.00. Following the completion of the sale, the vice president now owns 39,821 shares in the company, valued at approximately $2,190,155. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Wunderlich Capital Managemnt purchased a new stake in shares of Qorvo during the first quarter worth about $109,000. Advisor Group Inc. purchased a new stake in shares of Qorvo during the second quarter worth about $145,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Qorvo during the second quarter worth about $206,000. Advisor Partners LLC purchased a new stake in shares of Qorvo during the first quarter worth about $210,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of Qorvo during the second quarter worth about $216,000. 87.10% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo (NASDAQ:QRVO) opened at 56.64 on Thursday. The company has a 50-day moving average of $55.73 and a 200-day moving average of $53.25. Qorvo has a 1-year low of $33.30 and a 1-year high of $64.80. The company’s market capitalization is $7.24 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The firm earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. During the same period in the previous year, the company earned $1.09 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities analysts expect that Qorvo will post $5.09 EPS for the current fiscal year.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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