Qorvo’s (QRVO) Buy Rating Reaffirmed at Brean Capital
QRVO has been the topic of several other reports. Credit Agricole SA initiated coverage on Qorvo in a research note on Tuesday, May 24th. They set an underperform rating on the stock. Citigroup Inc. raised Qorvo from a sell rating to a neutral rating and boosted their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, June 9th. Morgan Stanley initiated coverage on Qorvo in a research note on Monday, June 27th. They set an equal weight rating and a $56.00 price objective on the stock. Mizuho cut Qorvo from a buy rating to a neutral rating and set a $55.00 price objective on the stock. in a research note on Friday, July 1st. Finally, Zacks Investment Research cut Qorvo from a strong-buy rating to a hold rating in a research note on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $61.97.
Qorvo (NASDAQ:QRVO) traded up 1.30% during midday trading on Wednesday, reaching $56.80. The company’s stock had a trading volume of 59,032 shares. The company’s 50-day moving average is $55.66 and its 200 day moving average is $52.76. Qorvo has a 12-month low of $33.30 and a 12-month high of $64.80. The firm’s market cap is $7.26 billion.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $697.60 million for the quarter, compared to analysts’ expectations of $650.62 million. During the same period in the previous year, the firm posted $1.09 earnings per share. The business’s revenue was up 3.7% compared to the same quarter last year. Equities analysts forecast that Qorvo will post $5.09 earnings per share for the current year.
In related news, Director C Scott Gibson sold 1,200 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $54.45, for a total value of $65,340.00. Following the transaction, the director now directly owns 8,092 shares of the company’s stock, valued at approximately $440,609.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 46,250 shares of the company’s stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $52.06, for a total value of $2,407,775.00. Following the completion of the transaction, the chief executive officer now directly owns 286,170 shares in the company, valued at $14,898,010.20. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. increased its position in Qorvo by 138.5% in the second quarter. Alliancebernstein L.P. now owns 1,960,083 shares of the company’s stock valued at $108,314,000 after buying an additional 1,138,109 shares during the last quarter. Norges Bank purchased a new position in Qorvo during the fourth quarter valued at about $54,231,000. Systematic Financial Management LP increased its position in Qorvo by 377.5% in the second quarter. Systematic Financial Management LP now owns 1,129,787 shares of the company’s stock valued at $62,432,000 after buying an additional 893,164 shares during the last quarter. Wellington Management Group LLP increased its position in Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock valued at $83,131,000 after buying an additional 767,554 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock valued at $75,409,000 after buying an additional 504,602 shares during the last quarter. 87.11% of the stock is currently owned by hedge funds and other institutional investors.
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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