Qorvo Inc. (QRVO) Earns Buy Rating from JPMorgan Chase & Co.
QRVO has been the topic of several other research reports. Zacks Investment Research lowered shares of Qorvo from a strong-buy rating to a hold rating in a report on Tuesday, October 4th. Pacific Crest reaffirmed an equal weight rating on shares of Qorvo in a report on Monday, August 29th. Canaccord Genuity reaffirmed a buy rating and set a $67.00 target price on shares of Qorvo in a report on Sunday, November 6th. Brean Capital reissued a buy rating on shares of Qorvo in a research report on Wednesday, September 21st. Finally, Cowen and Company increased their price target on shares of Qorvo from $55.00 to $65.00 and gave the company an outperform rating in a research report on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Qorvo has a consensus rating of Hold and a consensus target price of $60.67.
Shares of Qorvo (NASDAQ:QRVO) opened at 54.30 on Friday. The firm has a 50-day moving average of $54.37 and a 200 day moving average of $54.43. Qorvo has a 1-year low of $33.30 and a 1-year high of $64.80. The company’s market capitalization is $6.94 billion.
Qorvo (NASDAQ:QRVO) last released its earnings results on Thursday, November 3rd. The company reported $1.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by $0.12. Qorvo had a negative net margin of 1.04% and a positive return on equity of 9.60%. The business had revenue of $863.70 million for the quarter, compared to the consensus estimate of $834.77 million. During the same period in the prior year, the business posted $1.22 EPS. Qorvo’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities research analysts expect that Qorvo will post $4.67 earnings per share for the current year.
In other news, CFO Mark J. Murphy bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were bought at an average cost of $51.66 per share, for a total transaction of $516,600.00. Following the completion of the transaction, the chief financial officer now owns 65,270 shares of the company’s stock, valued at $3,371,848.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Harding sold 12,500 shares of the business’s stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $49.98, for a total value of $624,750.00. Following the completion of the sale, the director now owns 19,320 shares in the company, valued at $965,613.60. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Boston Partners increased its stake in Qorvo by 91.1% in the third quarter. Boston Partners now owns 4,891,156 shares of the company’s stock worth $272,633,000 after buying an additional 2,331,945 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Qorvo by 138.5% in the second quarter. Alliancebernstein L.P. now owns 1,960,083 shares of the company’s stock valued at $108,314,000 after buying an additional 1,138,109 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of Qorvo by 377.5% in the second quarter. Systematic Financial Management LP now owns 1,129,787 shares of the company’s stock valued at $62,432,000 after buying an additional 893,164 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock valued at $83,131,000 after buying an additional 767,554 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Qorvo during the first quarter valued at $23,945,000. Institutional investors own 87.43% of the company’s stock.
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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