Qorvo Inc. (QRVO) Trading Up 2.1%
Qorvo Inc. (NASDAQ:QRVO) was 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 trading hands. The stock had previously closed at $55.20.
Several equities research analysts have issued reports on QRVO shares. Brean Capital reiterated a “buy” rating and issued a $62.00 price target on shares of Qorvo in a research note on Sunday, May 22nd. DA Davidson decreased their price objective on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Needham & Company LLC lifted their price objective on shares of Qorvo from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Thursday, May 5th. Craig Hallum lifted their price objective on shares of Qorvo from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, May 5th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $67.00 price objective (up previously from $60.00) on shares of Qorvo in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $62.45.
The stock’s 50 day moving average price is $57.45 and its 200-day moving average price is $50.31. The firm’s market capitalization is $7.19 billion.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.03. During the same quarter in the prior year, the company earned $1.09 EPS. The firm earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts expect that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
In other news, VP James L. Klein sold 1,384 shares of the stock in a transaction dated Monday, May 23rd. The shares were 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 owns 25,054 shares in the company, valued at $1,252,700. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 4,753 shares of the stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $54.00, for a total transaction of $256,662.00. Following the completion of the sale, the chief executive officer now owns 245,069 shares of the company’s stock, valued at approximately $13,233,726. The disclosure for this sale can be found here.
Other hedge funds recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased 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 worth $1,008,000 after buying an additional 1,036 shares during the period. Morgan Stanley increased its stake in Qorvo by 61.2% in the fourth quarter. Morgan Stanley now owns 265,104 shares of the company’s stock worth $13,494,000 after buying an additional 100,696 shares during the period. RS Investment Management Co. LLC bought a new stake in Qorvo during the fourth quarter worth about $1,523,000. Schwab Charles Investment Management Inc. increased 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 worth $18,824,000 after buying an additional 11,953 shares during the period. Finally, BlackRock Advisors LLC increased its stake in Qorvo by 379.0% in the fourth quarter. BlackRock Advisors LLC now owns 566,558 shares of the company’s stock worth $28,838,000 after buying an additional 448,285 shares during the period.
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).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.