KeyCorp Reiterates “Sector Perform” Rating for Qorvo, Inc. (QRVO)
Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “sector perform” rating restated by KeyCorp in a report issued on Thursday.
QRVO has been the topic of a number of other 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 lowered shares of Qorvo from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Raymond James Financial, Inc. assumed coverage on shares of Qorvo in a research note on Friday, June 16th. They issued an “outperform” rating and a $87.00 price target on the stock. Canaccord Genuity raised their price target 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. Finally, MKM Partners reaffirmed a “buy” rating and issued a $90.00 price target (up from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $73.45.
Shares of Qorvo (NASDAQ QRVO) opened at 75.49 on Thursday. Qorvo has a one year low of $19.18 and a one year high of $75.55. The company’s market capitalization is $9.61 billion. The stock has a 50 day moving average price of $58.03 and a 200 day moving average price of $61.14.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. The firm had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. Qorvo’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period last year, the company posted $1.08 EPS. On average, equities research analysts predict that Qorvo will post $5.54 earnings per share for the current year.
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In other news, VP Gina Harrison sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $73.41, for a total transaction of $367,050.00. Following the completion of the sale, the vice president now owns 17,230 shares in the company, valued at approximately $1,264,854.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $66.94, for a total transaction of $401,640.00. Following the sale, the vice president now owns 114,733 shares of the company’s stock, valued at approximately $7,680,227.02. The disclosure for this sale can be found here. Insiders have sold a total of 78,919 shares of company stock valued at $5,379,553 in the last 90 days. Insiders own 0.91% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Investors Inc. PA increased its holdings in shares of Qorvo by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after buying an additional 90 shares during the last quarter. NEXT Financial Group Inc increased its holdings in shares of Qorvo by 2.1% during the 2nd quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after buying an additional 49 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Qorvo by 5.1% during the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after buying an additional 126 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in Qorvo in the 1st quarter valued at approximately $191,000. Finally, Global X Management Co. LLC increased its holdings in Qorvo by 400.9% in the 2nd quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after purchasing an additional 2,237 shares during the last quarter. Institutional investors and hedge funds own 94.39% of the company’s stock.
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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