Qorvo Inc. (QRVO) CFO Acquires $516,600.00 in Stock
Qorvo Inc. (NASDAQ:QRVO) CFO Mark J. Murphy bought 10,000 shares of the company’s stock in a transaction on Wednesday, November 9th. The stock was purchased at an average price of $51.66 per share, with a total value of $516,600.00. Following the completion of the transaction, the chief financial officer now directly owns 65,270 shares of the company’s stock, valued at approximately $3,371,848.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Qorvo Inc. (NASDAQ:QRVO) opened at 52.74 on Tuesday. The stock’s market cap is $6.74 billion. The company’s 50 day moving average price is $54.36 and its 200 day moving average price is $54.37. Qorvo Inc. has a 12 month low of $33.30 and a 12 month high of $64.80.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Thursday, November 3rd. The company reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.41 by $0.12. The company had revenue of $863.70 million for the quarter, compared to analysts’ expectations of $834.77 million. Qorvo had a negative net margin of 1.04% and a positive return on equity of 9.60%. The company’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 earnings per share. Equities analysts forecast that Qorvo Inc. will post $4.67 EPS for the current fiscal year.
Several research firms have commented on QRVO. Cowen and Company reiterated a “market perform” rating and issued a $65.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. Craig Hallum increased their target price on Qorvo from $58.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Drexel Hamilton raised their price objective on Qorvo from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. MKM Partners raised their price objective on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. raised their price objective on Qorvo from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. Qorvo has an average rating of “Hold” and a consensus price target of $60.67.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC raised its position in Qorvo by 16.7% in the third quarter. Acrospire Investment Management LLC now owns 2,100 shares of the company’s stock worth $117,000 after buying an additional 300 shares during the last quarter. Advisor Group Inc. acquired a new position in Qorvo during the second quarter worth approximately $145,000. Victory Capital Management Inc. raised its position in Qorvo by 43.8% in the third quarter. Victory Capital Management Inc. now owns 2,677 shares of the company’s stock worth $149,000 after buying an additional 815 shares during the last quarter. Wunderlich Capital Managemnt raised its position in Qorvo by 43.6% in the second quarter. Wunderlich Capital Managemnt now owns 3,101 shares of the company’s stock worth $171,000 after buying an additional 942 shares during the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new position in Qorvo during the second quarter worth approximately $206,000. 87.43% of the stock is 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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