Qorvo Inc. (QRVO) Shares Up 3.2%
Qorvo Inc. (NASDAQ:QRVO) shares shot up 3.2% during trading on Thursday . The stock traded as high as $54.94 and last traded at $54.24, with a volume of 697,538 shares traded. The stock had previously closed at $52.57.
Several brokerages have commented on QRVO. Drexel Hamilton reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday. KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday. Zacks Investment Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Mizuho lowered Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, July 1st. Finally, Morgan Stanley assumed coverage on Qorvo in a report on Monday, June 27th. They set an “equal weight” rating and a $56.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and sixteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $61.27.
The stock’s market capitalization is $7.14 billion. The firm has a 50 day moving average price of $53.69 and a 200-day moving average price of $47.41.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 4th. The company reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.12. The business earned $608.10 million during the quarter, compared to analyst estimates of $599.32 million. During the same period in the prior year, the business posted $1.11 EPS. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. Analysts forecast that Qorvo Inc. will post $4.89 EPS for the current year.
In other Qorvo news, CEO Robert A. Bruggeworth sold 46,250 shares of the firm’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $52.06, for a total value of $2,407,775.00. Following the sale, the chief executive officer now owns 286,170 shares of the company’s stock, valued at approximately $14,898,010.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert A. Bruggeworth sold 1,096 shares of the firm’s stock in a transaction on Tuesday, April 12th. The shares were sold at an average price of $47.96, for a total value of $52,564.16. Following the completion of the sale, the chief executive officer now directly owns 249,106 shares in the company, valued at approximately $11,947,123.76. The disclosure for this sale can be found here.
Several large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its stake in Qorvo by 43.9% in the fourth quarter. Bank of Montreal Can now owns 419,889 shares of the company’s stock valued at $21,373,000 after buying an additional 128,152 shares during the period. Morgan Stanley increased its stake in Qorvo by 61.2% in the fourth quarter. Morgan Stanley now owns 265,104 shares of the company’s stock valued at $13,494,000 after buying an additional 100,696 shares during the period. Gulf International Bank UK Ltd increased its stake in Qorvo by 5.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 41,703 shares of the company’s stock valued at $2,123,000 after buying an additional 2,175 shares during the period. Boston Partners purchased a new stake in Qorvo during the fourth quarter valued at $2,403,000. Finally, Old Mutual Global Investors UK Ltd. purchased a new stake in Qorvo during the fourth quarter valued at $6,012,000.
Qorvo, Inc provides core technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company offers amplification, filtering and switching products for RF, microwave and millimeter-wave applications. It serves the mobile device, networks infrastructure and defense and aerospace markets.
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