Qorvo Inc. (QRVO) Trading 2.1% Higher
Qorvo Inc. (NASDAQ:QRVO) traded up 2.1% during mid-day trading on Friday . The stock traded as high as $56.39 and last traded at $56.36, with a volume of 854,429 shares traded. The stock had previously closed at $55.20.
Several equities research analysts recently issued reports on the company. Cowen and Company upped their price target on Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, July 22nd. MKM Partners upped their price target on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Zacks Investment Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. KeyCorp restated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 6th. Finally, Bank of America Corp. restated a “buy” rating and issued a $70.00 price objective on shares of Qorvo in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $62.45.
The company’s 50-day moving average is $57.45 and its 200 day moving average is $50.31. The stock’s market cap is $7.19 billion.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.03. The firm earned $697.60 million during the quarter, compared to the consensus estimate of $650.62 million. The business’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.09 EPS. Equities research analysts anticipate that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
In related news, Director C Scott Gibson sold 1,200 shares of Qorvo 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 completion of the sale, the director now owns 8,092 shares of the company’s stock, valued at $440,609.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James L. Klein sold 1,384 shares of Qorvo stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $50.00, for a total value of $69,200.00. Following the completion of the sale, the vice president now directly owns 25,054 shares of the company’s stock, valued at approximately $1,252,700. The disclosure for this sale can be found here.
A number of hedge funds recently added to or reduced their stakes in the stock. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake in 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 valued at $1,008,000 after buying an additional 1,036 shares in the last quarter. Argent Capital Management LLC raised its stake in Qorvo by 0.4% in the fourth quarter. Argent Capital Management LLC now owns 29,083 shares of the company’s stock valued at $1,480,000 after buying an additional 125 shares in the last quarter. RS Investment Management Co. LLC bought a new stake in Qorvo during the fourth quarter valued at about $1,523,000. Morgan Stanley raised 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 in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Qorvo by 3.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 369,805 shares of the company’s stock valued at $18,824,000 after buying an additional 11,953 shares in the last quarter.
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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