Qorvo Inc. (QRVO) Bonds Trading 2.6% Lower
An issue of Qorvo Inc. (NASDAQ:QRVO) bonds fell 2.6% against their face value during trading on Wednesday. The high-yield issue of debt has a 6.75% coupon and is set to mature on December 1, 2023. The debt is now trading at $108.88 and was trading at $108.25 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
Several research firms have recently weighed in on QRVO. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday, September 21st. Cowen and Company raised their price objective on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, July 22nd. MKM Partners raised their price objective on shares of Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Zacks Investment Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $61.97.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 55.21 on Thursday. The firm’s market capitalization is $7.06 billion. The company’s 50 day moving average is $55.68 and its 200-day moving average is $53.37. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The company had revenue of $697.60 million for the quarter, compared to analyst estimates of $650.62 million. During the same period in the prior year, the firm posted $1.09 EPS. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Equities analysts expect that Qorvo Inc. will post $5.09 EPS for the current year.
In related news, VP James L. Klein sold 1,384 shares of the stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $55.00, for a total transaction of $76,120.00. Following the transaction, the vice president now directly owns 39,821 shares of the company’s stock, valued at $2,190,155. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert A. Bruggeworth sold 18,522 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $55.22, for a total transaction of $1,022,784.84. Following the transaction, the insider now directly owns 225,424 shares in the company, valued at $12,447,913.28. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in shares of Qorvo by 25.7% in the third quarter. Nisa Investment Advisors LLC now owns 9,770 shares of the company’s stock valued at $545,000 after buying an additional 2,000 shares in the last quarter. Legacy Private Trust Co. bought a new position in shares of Qorvo during the third quarter valued at about $516,000. Creative Planning raised its position in shares of Qorvo by 0.5% in the third quarter. Creative Planning now owns 24,375 shares of the company’s stock valued at $1,359,000 after buying an additional 132 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Qorvo by 3.1% in the third quarter. Fisher Asset Management LLC now owns 1,140,584 shares of the company’s stock valued at $63,576,000 after buying an additional 34,107 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Qorvo by 142.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,192 shares of the company’s stock valued at $1,906,000 after buying an additional 20,114 shares in the last quarter. 87.10% of the stock is currently owned by institutional investors and hedge funds.
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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