Qorvo, Inc. (NASDAQ:QRVO) Director Jeffery R. Gardner sold 1,700 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $71.95, for a total transaction of $122,315.00. Following the transaction, the director now directly owns 33,046 shares of the company’s stock, valued at $2,377,659.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 72.95 on Wednesday. The firm’s market capitalization is $9.28 billion. The company’s 50-day moving average is $37.10 and its 200 day moving average is $56.82. Qorvo, Inc. has a 1-year low of $19.18 and a 1-year high of $73.64.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 EPS. On average, analysts expect that Qorvo, Inc. will post $5.54 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in QRVO. BlackRock Inc. boosted its stake in Qorvo by 3,264.5% during the 1st quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after acquiring an additional 8,477,705 shares during the last quarter. Baupost Group LLC MA bought a new position in Qorvo during the 1st quarter worth approximately $492,639,000. Manning & Napier Advisors LLC bought a new position in Qorvo during the 2nd quarter worth approximately $101,456,000. Todd Asset Management LLC boosted its stake in Qorvo by 182.7% during the 1st quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock worth $47,947,000 after acquiring an additional 451,987 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Qorvo by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock worth $794,638,000 after acquiring an additional 430,596 shares during the last quarter. 94.39% of the stock is currently owned by institutional investors and hedge funds.
QRVO has been the subject of a number of analyst reports. Cowen and Company reissued a “market perform” rating and set a $85.00 target price (up from $74.00) on shares of Qorvo in a research note on Friday, May 26th. Needham & Company LLC boosted their target price on shares of Qorvo from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, May 26th. Mizuho reissued a “neutral” rating and set a $72.00 target price (up from $68.00) on shares of Qorvo in a research note on Sunday, May 28th. MKM Partners reissued a “buy” rating and set a $90.00 target price (up from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Finally, BMO Capital Markets reissued a “hold” rating and set a $63.00 target price on shares of Qorvo in a research note on Monday, June 12th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $73.45.
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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