Key Points
- Qorvo SVP Frank Stewart sold 8,279 shares at an average price of $94.72, generating approximately $784,187. Following the transaction, his ownership fell 16.12% to 43,069 shares.
- Qorvo’s latest quarterly results exceeded expectations, with adjusted earnings of $1.64 per share versus the $1.11 consensus estimate and revenue of $784.79 million. However, revenue declined 4.2% year over year.
- Analysts maintain a consensus “Hold” rating with a $94 price target, while institutional investors own 88.57% of the company. QRVO recently opened at $100.63, within its 52-week range of $74.92 to $109.49.
Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) SVP Frank Stewart sold 8,279 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $94.72, for a total transaction of $784,186.88. Following the sale, the senior vice president owned 43,069 shares of the company's stock, valued at approximately $4,079,495.68. This represents a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Qorvo Stock Performance
Shares of QRVO stock opened at $100.63 on Thursday. The company's fifty day simple moving average is $91.81 and its 200-day simple moving average is $89.27. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The company has a market cap of $8.88 billion, a PE ratio of 23.35, a P/E/G ratio of 1.70 and a beta of 1.45.
Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. During the same quarter in the previous year, the business posted $0.92 EPS. The business's quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts anticipate that Qorvo, Inc. will post 6.3 EPS for the current year.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. JPMorgan Chase & Co. boosted their price target on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. Finally, Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $94.00.
Read Our Latest Research Report on QRVO
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Qorvo in the second quarter valued at about $942,610,000. California State Teachers Retirement System increased its holdings in Qorvo by 8,968.7% during the 2nd quarter. California State Teachers Retirement System now owns 9,208,361 shares of the semiconductor company's stock worth $858,864,000 after purchasing an additional 9,106,821 shares during the last quarter. Bank of America Corp DE purchased a new stake in Qorvo during the 2nd quarter worth approximately $182,131,000. AQR Arbitrage LLC acquired a new position in shares of Qorvo in the 4th quarter valued at approximately $118,204,000. Finally, Norges Bank acquired a new position in shares of Qorvo in the 4th quarter valued at approximately $92,430,000. 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.
Further Reading
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