Qorvo Inc. (QRVO) Trading Up 3.9%
Qorvo Inc. (NASDAQ:QRVO)’s share price was up 3.9% during mid-day trading on Thursday . The company traded as high as $59.06 and last traded at $58.90, with a volume of 847,093 shares. The stock had previously closed at $56.67.
A number of equities analysts recently issued reports on QRVO shares. Bank of America Corp. reaffirmed a “buy” rating and set a $56.00 target price on shares of Qorvo in a research report on Monday, March 21st. Zacks Investment Research raised shares of Qorvo from a “hold” rating to a “strong-buy” rating and set a $53.00 target price on the stock in a research report on Monday, May 9th. Barclays PLC reissued a “hold” rating and issued a $50.00 price target (up previously from $46.00) on shares of Qorvo in a report on Monday, March 28th. Cowen and Company initiated coverage on shares of Qorvo in a report on Monday, April 18th. They issued a “market perform” rating and a $50.00 price target on the stock. Finally, Mizuho boosted their price target on shares of Qorvo from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, April 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $61.27.
The stock’s market cap is $7.58 billion. The firm’s 50 day moving average price is $54.84 and its 200 day moving average price is $47.62.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.12. The company earned $608.10 million during the quarter, compared to the consensus estimate of $599.32 million. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.11 EPS. Analysts predict that Qorvo Inc. will post $4.89 earnings per share for the current fiscal year.
In related news, VP James L. Klein sold 1,384 shares of the firm’s stock in a transaction on Friday, July 8th. 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 owns 30,048 shares in the company, valued at $1,652,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 3,170 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $45.03, for a total value of $142,745.10. Following the completion of the transaction, the chief executive officer now owns 245,372 shares in the company, valued at approximately $11,049,101.16. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in shares of Qorvo by 5.5% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 19,797 shares of the company’s stock worth $1,008,000 after buying an additional 1,036 shares during the last quarter. Oxford Asset Management bought a new position in shares of Qorvo during the fourth quarter worth approximately $1,614,000. Gulf International Bank UK Ltd boosted its position in shares of Qorvo by 5.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 41,703 shares of the company’s stock worth $2,123,000 after buying an additional 2,175 shares during the last quarter. Boston Partners bought a new position in shares of Qorvo during the fourth quarter worth approximately $2,403,000. Finally, Paradigm Capital Management Inc. NY boosted its position in shares of Qorvo by 6.8% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 72,955 shares of the company’s stock worth $3,714,000 after buying an additional 4,625 shares during the last quarter.
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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