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Qorvo, Inc. (NASDAQ:QRVO – Get Rating) VP Gina Harrison sold 3,559 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total transaction of $370,136.00. Following the completion of the transaction, the vice president now owns 16,257 shares in the company, valued at $1,690,728. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Qorvo Price Performance
Qorvo stock traded down $1.26 during trading hours on Wednesday, hitting $100.94. 1,093,237 shares of the company traded hands, compared to its average volume of 1,359,884. The firm has a market cap of $10.23 billion, a P/E ratio of 16.04, a P/E/G ratio of 2.95 and a beta of 1.38. The company has a quick ratio of 2.20, a current ratio of 3.30 and a debt-to-equity ratio of 0.47. The firm’s 50-day simple moving average is $90.21 and its two-hundred day simple moving average is $94.98. Qorvo, Inc. has a 1-year low of $75.38 and a 1-year high of $163.12.
Qorvo (NASDAQ:QRVO – Get Rating) last released its earnings results on Wednesday, November 2nd. The semiconductor company reported $2.66 EPS for the quarter, beating the consensus estimate of $2.28 by $0.38. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Qorvo had a net margin of 15.34% and a return on equity of 24.47%. Qorvo’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the company earned $3.22 EPS. As a group, analysts forecast that Qorvo, Inc. will post 5.11 earnings per share for the current fiscal year.
Qorvo declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 2nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 22.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on QRVO shares. Rosenblatt Securities reduced their price target on shares of Qorvo from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 3rd. Needham & Company LLC raised their price target on shares of Qorvo from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, November 3rd. Morgan Stanley reduced their price target on shares of Qorvo from $109.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 3rd. Piper Sandler cut their price objective on shares of Qorvo from $115.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, November 3rd. Finally, StockNews.com assumed coverage on shares of Qorvo in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $106.78.
Hedge Funds Weigh In On Qorvo
Several hedge funds have recently made changes to their positions in QRVO. International Assets Investment Management LLC acquired a new position in shares of Qorvo in the 1st quarter worth approximately $40,000. Commerce Bank grew its stake in shares of Qorvo by 46.9% in the 1st quarter. Commerce Bank now owns 5,317 shares of the semiconductor company’s stock worth $660,000 after purchasing an additional 1,697 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Qorvo by 4.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 6,864 shares of the semiconductor company’s stock worth $851,000 after purchasing an additional 306 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Qorvo by 5.8% in the 1st quarter. Treasurer of the State of North Carolina now owns 42,526 shares of the semiconductor company’s stock worth $5,277,000 after purchasing an additional 2,321 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. grew its stake in shares of Qorvo by 128.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 610 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 343 shares during the last quarter. Institutional investors and hedge funds own 88.31% of the company’s stock.
About Qorvo
(Get Rating)
Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.
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