Qorvo (NASDAQ:QRVO) VP James L. Klein sold 2,216 shares of the firm’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $81.13, for a total value of $179,784.08. Following the sale, the vice president now directly owns 54,292 shares of the company’s stock, valued at approximately $4,404,709.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Qorvo opened at $79.59 on Friday, Marketbeat reports. Qorvo has a twelve month low of $62.68 and a twelve month high of $86.84. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.11 and a current ratio of 4.18. The company has a market capitalization of $10.20 billion, a PE ratio of 16.65, a P/E/G ratio of 1.33 and a beta of 0.93.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, May 2nd. The semiconductor company reported $1.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.02. Qorvo had a positive return on equity of 12.50% and a negative net margin of 1.35%. The company had revenue of $665.40 million for the quarter, compared to analyst estimates of $655.67 million. During the same quarter last year, the company earned $0.85 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. equities research analysts anticipate that Qorvo will post 5.08 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of QRVO. Iridian Asset Management LLC CT bought a new position in shares of Qorvo in the first quarter valued at approximately $87,009,000. Manning & Napier Group LLC lifted its holdings in shares of Qorvo by 29.7% in the first quarter. Manning & Napier Group LLC now owns 4,054,232 shares of the semiconductor company’s stock valued at $285,619,000 after purchasing an additional 927,978 shares in the last quarter. Boston Partners lifted its holdings in shares of Qorvo by 47.5% in the fourth quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock valued at $191,089,000 after purchasing an additional 924,017 shares in the last quarter. Robecosam AG lifted its holdings in shares of Qorvo by 201.9% in the first quarter. Robecosam AG now owns 800,000 shares of the semiconductor company’s stock valued at $56,360,000 after purchasing an additional 535,000 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its holdings in shares of Qorvo by 63.9% in the fourth quarter. Guggenheim Capital LLC now owns 1,339,659 shares of the semiconductor company’s stock valued at $89,223,000 after purchasing an additional 522,526 shares in the last quarter. Institutional investors own 98.40% of the company’s stock.
A number of brokerages have commented on QRVO. Barclays raised their price objective on Qorvo from $75.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. BidaskClub cut Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, March 23rd. Piper Jaffray began coverage on Qorvo in a research note on Monday, February 26th. They issued an “overweight” rating and a $90.00 price objective for the company. Summit Redstone cut Qorvo from a “hold” rating to a “sell” rating in a research note on Thursday, February 1st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $81.00 price objective (down previously from $87.00) on shares of Qorvo in a research note on Wednesday, January 24th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $81.63.
Qorvo Company Profile
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 (PA), low noise amplifiers, 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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