Qorvo Inc. (NASDAQ:QRVO) Receives Average Recommendation of “Hold” from Brokerages
Shares of Qorvo Inc. (NASDAQ:QRVO) have received an average recommendation of “Hold” from the twenty-seven brokerages that are currently covering the firm. One equities research analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and fourteen have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $62.34.
QRVO has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $63.00 price objective (up from $53.00) on shares of Qorvo in a report on Wednesday, August 3rd. Cowen and Company reissued a “market perform” rating and set a $65.00 price objective on shares of Qorvo in a report on Wednesday, August 3rd. Craig Hallum raised their price objective on Qorvo from $58.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Brean Capital reissued a “buy” rating and set a $62.00 price objective on shares of Qorvo in a report on Wednesday, August 3rd. Finally, DA Davidson decreased their price objective on Qorvo from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd.
Shares of Qorvo (NASDAQ:QRVO) traded up 0.3062% during trading on Thursday, reaching $54.6669. The company’s stock had a trading volume of 503,727 shares. The stock’s 50 day moving average price is $55.66 and its 200-day moving average price is $53.19. The stock’s market cap is $6.99 billion. Qorvo has a 52-week low of $33.30 and a 52-week high of $64.80.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, beating the 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 quarter last year, the firm posted $1.09 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. Equities analysts anticipate that Qorvo will post $5.09 EPS for the current year.
In other Qorvo news, VP James L. Klein sold 1,384 shares of Qorvo stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $57.85, for a total transaction of $80,064.40. Following the completion of the transaction, the vice president now owns 39,821 shares in the company, valued at $2,303,644.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 10,000 shares of Qorvo stock in a transaction on Friday, July 15th. The shares were sold at an average price of $59.50, for a total value of $595,000.00. Following the transaction, the chief executive officer now owns 229,524 shares of the company’s stock, valued at approximately $13,656,678. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wunderlich Capital Managemnt bought a new position in shares of Qorvo during the first quarter worth about $109,000. Advisor Group Inc. bought a new position in shares of Qorvo during the second quarter worth about $145,000. Oppenheimer & Co. Inc. bought a new position in shares of Qorvo during the second quarter worth about $206,000. Advisor Partners LLC bought a new position in shares of Qorvo during the first quarter worth about $210,000. Finally, Thrivent Financial for Lutherans bought a new position in shares of Qorvo during the second quarter worth about $216,000. Institutional investors and hedge funds own 87.10% of the company’s stock.
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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