An issue of Qorvo Inc. (NASDAQ:QRVO) debt fell 0.6% as a percentage of its face value during trading on Friday. The high-yield debt issue has a 7% coupon and is set to mature on December 1, 2025. The debt is now trading at $109.00. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
QRVO has been the subject of several recent research reports. Drexel Hamilton boosted their price target on Qorvo from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Craig Hallum upped their target price on Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Brean Capital reaffirmed a “buy” rating and set a $62.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. MKM Partners upped their target price on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, DA Davidson decreased their target price on Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $61.97.
Qorvo Inc. (NASDAQ:QRVO) opened at 53.00 on Friday. The company’s market cap is $6.78 billion. The firm’s 50-day moving average price is $55.42 and its 200-day moving average price is $53.39. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80.
Qorvo (NASDAQ:QRVO) last posted 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 positive return on equity of 9.32% and a negative net margin of 1.39%. The company earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. During the same quarter in the previous year, the firm earned $1.09 EPS. Qorvo’s revenue was up 3.7% on a year-over-year basis. On average, equities research analysts forecast that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
In other news, Director Roderick Nelson sold 3,100 shares of the business’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $56.50, for a total transaction of $175,150.00. Following the completion of the transaction, the director now owns 7,907 shares of the company’s stock, valued at approximately $446,745.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP James L. Klein sold 1,384 shares of the business’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $55.00, for a total value of $76,120.00. Following the transaction, the vice president now directly owns 39,821 shares of the company’s stock, valued at approximately $2,190,155. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in Qorvo by 25.7% in the third quarter. Nisa Investment Advisors LLC now owns 9,770 shares of the company’s stock worth $545,000 after buying an additional 2,000 shares during the period. Legacy Private Trust Co. acquired a new position in Qorvo during the third quarter worth approximately $516,000. Creative Planning boosted its position in Qorvo by 0.5% in the third quarter. Creative Planning now owns 24,375 shares of the company’s stock worth $1,359,000 after buying an additional 132 shares during the period. Fisher Asset Management LLC boosted its position in Qorvo by 3.1% in the third quarter. Fisher Asset Management LLC now owns 1,140,584 shares of the company’s stock worth $63,576,000 after buying an additional 34,107 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in Qorvo by 142.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,192 shares of the company’s stock worth $1,906,000 after buying an additional 20,114 shares during the period. 87.10% of the stock is owned by institutional investors.
Qorvo Company Profile
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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