James L. Klein Sells 1,384 Shares of Qorvo Inc. (QRVO) Stock
Qorvo Inc. (NASDAQ:QRVO) VP James L. Klein sold 1,384 shares of the firm’s stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $55.00, for a total value of $76,120.00. Following the completion of the sale, the vice president now directly owns 39,821 shares in the company, valued at $2,190,155. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 56.64 on Friday. The firm has a 50-day moving average price of $55.73 and a 200-day moving average price of $53.25. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80. The company’s market capitalization is $7.24 billion.
Qorvo (NASDAQ:QRVO) last posted its earnings results 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. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The business earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. During the same period in the previous year, the business earned $1.09 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. Equities analysts forecast that Qorvo Inc. will post $5.09 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of QRVO. First Mercantile Trust Co. boosted its position in Qorvo by 41.0% in the third quarter. First Mercantile Trust Co. now owns 17,994 shares of the company’s stock worth $1,003,000 after buying an additional 5,235 shares during the last quarter. Macquarie Group Ltd. boosted its position in Qorvo by 0.3% in the second quarter. Macquarie Group Ltd. now owns 75,350 shares of the company’s stock worth $4,164,000 after buying an additional 250 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Qorvo during the second quarter worth about $285,000. Kentucky Retirement Systems purchased a new position in Qorvo during the second quarter worth about $599,000. Finally, Mason Street Advisors LLC purchased a new position in Qorvo during the second quarter worth about $949,000. Hedge funds and other institutional investors own 87.10% of the company’s stock.
Several analysts recently weighed in on QRVO shares. Zacks Investment Research raised Qorvo from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Monday, August 8th. Goldman Sachs Group Inc. raised their price objective on Qorvo from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Morgan Stanley started coverage on Qorvo in a research note on Monday, June 27th. They issued an “equal weight” rating and a $56.00 price objective on the stock. Cowen and Company raised their price objective on Qorvo from $55.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $67.00 price objective (up from $60.00) on shares of Qorvo in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $61.97.
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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