Qorvo Inc. (QRVO) Trading Up 3.9%
Qorvo Inc. (NASDAQ:QRVO) shares were up 3.9% on Thursday . The stock traded as high as $59.06 and last traded at $58.90, with a volume of 847,093 shares traded. The stock had previously closed at $56.67.
Several research analysts recently weighed in on QRVO shares. Bank of America Corp. restated a “buy” rating and set a $56.00 price target on shares of Qorvo in a report on Monday, March 21st. Barclays PLC restated a “hold” rating and set a $50.00 price target (up from $46.00) on shares of Qorvo in a report on Monday, March 28th. Stephens restated a “buy” rating on shares of Qorvo in a report on Monday, April 4th. MKM Partners restated a “buy” rating and set a $63.00 price target (down from $65.00) on shares of Qorvo in a report on Monday, April 11th. Finally, Mizuho boosted their price target on shares of Qorvo from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, April 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and sixteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $61.27.
The company has a 50-day moving average price of $54.32 and a 200-day moving average price of $47.49. The company’s market capitalization is $7.56 billion.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. The company had revenue of $608.10 million for the quarter, compared to analysts’ expectations of $599.32 million. The business’s revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.11 EPS. Equities analysts expect that Qorvo Inc. will post $4.89 earnings per share for the current year.
In other news, CEO Robert A. Bruggeworth sold 5,739 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $45.54, for a total value of $261,354.06. Following the transaction, the chief executive officer now owns 231,207 shares in the company, valued at approximately $10,529,166.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 1,384 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $50.00, for a total transaction of $69,200.00. Following the completion of the transaction, the vice president now owns 25,054 shares in the company, valued at approximately $1,252,700. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Russell Frank Co boosted its stake in Qorvo by 68.5% in the fourth quarter. Russell Frank Co now owns 120,701 shares of the company’s stock worth $6,237,000 after buying an additional 49,060 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Qorvo by 0.6% in the fourth quarter. Great West Life Assurance Co. Can now owns 65,739 shares of the company’s stock worth $3,349,000 after buying an additional 406 shares during the last quarter. Oxford Asset Management purchased a new stake in Qorvo during the fourth quarter worth approximately $1,614,000. TD Asset Management Inc. boosted its stake in Qorvo by 33.5% in the fourth quarter. TD Asset Management Inc. now owns 91,649 shares of the company’s stock worth $4,665,000 after buying an additional 23,000 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in Qorvo by 0.9% in the fourth quarter. New York State Common Retirement Fund now owns 345,700 shares of the company’s stock worth $17,596,000 after buying an additional 3,000 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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