Qorvo, Inc. (QRVO) Now Covered by Analysts at Instinet
QRVO has been the subject of several other research reports. BidaskClub raised shares of Qorvo from a hold rating to a buy rating in a research note on Friday, August 18th. Zacks Investment Research cut shares of Qorvo from a hold rating to a strong sell rating in a research note on Wednesday, June 21st. Raymond James Financial, Inc. began coverage on shares of Qorvo in a research note on Friday, June 16th. They set an outperform rating and a $87.00 price objective for the company. MKM Partners reaffirmed a buy rating and set a $90.00 price objective (up previously from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Finally, Canaccord Genuity boosted their price objective on shares of Qorvo from $79.00 to $81.00 and gave the company a buy rating in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. Qorvo presently has an average rating of Hold and a consensus target price of $73.45.
Shares of Qorvo (NASDAQ QRVO) traded up 1.16% during mid-day trading on Wednesday, hitting $74.17. 243,040 shares of the stock were exchanged. The stock’s market capitalization is $9.44 billion. The stock’s 50-day moving average is $69.96 and its 200-day moving average is $69.78. Qorvo has a 52 week low of $48.28 and a 52 week high of $79.34.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. Qorvo’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.08 earnings per share. Analysts forecast that Qorvo will post $5.54 earnings per share for the current fiscal year.
In other Qorvo news, Director John R. Harding sold 3,260 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $71.79, for a total transaction of $234,035.40. Following the transaction, the director now directly owns 6,322 shares of the company’s stock, valued at approximately $453,856.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 2,940 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $71.90, for a total transaction of $211,386.00. Following the transaction, the insider now directly owns 207,344 shares in the company, valued at $14,908,033.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,619 shares of company stock worth $5,125,070. Insiders own 0.91% of the company’s stock.
A number of institutional investors have recently modified their holdings of QRVO. Retirement Systems of Alabama increased its position in Qorvo by 1.0% during the 1st quarter. Retirement Systems of Alabama now owns 61,125 shares of the semiconductor company’s stock valued at $4,191,000 after purchasing an additional 586 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Qorvo by 10.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 7,882 shares of the semiconductor company’s stock worth $540,000 after buying an additional 766 shares during the period. Russell Investments Group Ltd. grew its position in shares of Qorvo by 16.8% in the 1st quarter. Russell Investments Group Ltd. now owns 12,509 shares of the semiconductor company’s stock worth $858,000 after buying an additional 1,800 shares during the period. IFP Advisors Inc grew its position in shares of Qorvo by 46.7% in the 1st quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock worth $144,000 after buying an additional 670 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD grew its position in shares of Qorvo by 5.0% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,925 shares of the semiconductor company’s stock worth $749,000 after buying an additional 524 shares during the period. 94.39% of the stock is currently owned by institutional investors and hedge funds.
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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