Key Points
- Qorvo director Peter Feld sold 1.9 million shares on June 2 at an average price of $101.20, totaling about $192.3 million. After the sale, he still held 5.61 million shares, representing a 25.29% reduction in his stake.
- Qorvo shares rose 2.8% and opened at $102.74, near the upper end of its 52-week range of $74.92 to $109.49. The stock has also traded well above its 50-day and 200-day moving averages.
- The company beat quarterly earnings expectations, reporting $1.69 EPS versus the $1.21 consensus, while revenue came in at $808.28 million, slightly above estimates. Analysts currently rate the stock a “Hold” on average with a mean price target of $96.63.
Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) CEO Robert Bruggeworth sold 57,957 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company's stock, valued at $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Qorvo Stock Up 2.8%
Qorvo stock opened at $102.74 on Wednesday. The company has a market cap of $9.04 billion, a P/E ratio of 28.38, a price-to-earnings-growth ratio of 1.56 and a beta of 1.43. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a fifty day simple moving average of $87.63 and a 200 day simple moving average of $84.71. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.
Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.48. The business had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm's revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts anticipate that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Barclays upgraded Qorvo from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Mizuho restated an "underperform" rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Citigroup increased their price target on Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Craig Hallum restated a "buy" rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Finally, UBS Group increased their price target on Qorvo from $87.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and a consensus target price of $96.63.
Read Our Latest Stock Analysis on QRVO
Institutional Trading of Qorvo
Hedge funds have recently modified their holdings of the stock. Stance Capital LLC acquired a new stake in shares of Qorvo during the 3rd quarter worth about $27,000. Smartleaf Asset Management LLC lifted its stake in shares of Qorvo by 215.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock worth $29,000 after buying an additional 231 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company's stock worth $30,000 after buying an additional 343 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Qorvo during the 3rd quarter worth about $36,000. Finally, Clearstead Advisors LLC lifted its stake in shares of Qorvo by 93.3% during the 3rd quarter. Clearstead Advisors LLC now owns 431 shares of the semiconductor company's stock worth $39,000 after buying an additional 208 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.
About Qorvo
(
Get Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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