Qorvo Inc. (QRVO) Receives “Buy” Rating from Brean Capital
Qorvo Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating restated by Brean Capital in a research note issued to investors on Wednesday.
QRVO has been the topic of a number of other reports. Pacific Crest reiterated an “equal weight” rating on shares of Qorvo in a research report on Monday, August 29th. Citigroup Inc. upgraded shares of Qorvo from a “sell” rating to a “neutral” rating and increased their price target for the company from $40.00 to $57.00 in a research report on Thursday, June 9th. Cowen and Company increased their price target on shares of Qorvo from $55.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, July 22nd. Credit Agricole SA started coverage on shares of Qorvo in a research report on Tuesday, May 24th. They set an “underperform” rating on the stock. Finally, Drexel Hamilton reiterated a “buy” rating on shares of Qorvo in a research report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $61.97.
Qorvo (NASDAQ:QRVO) traded up 1.00% during mid-day trading on Wednesday, hitting $55.30. 221,825 shares of the stock traded hands. The firm’s market capitalization is $7.07 billion. The company has a 50-day moving average of $55.81 and a 200 day moving average of $52.74. Qorvo has a 1-year low of $33.30 and a 1-year high of $64.80.
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Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The business had revenue of $697.60 million for the quarter, compared to analysts’ expectations of $650.62 million. During the same period last year, the business earned $1.09 earnings per share. The business’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities research analysts anticipate that Qorvo will post $5.09 EPS for the current year.
In other news, Director C Scott Gibson sold 1,200 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $54.45, for a total transaction of $65,340.00. Following the completion of the transaction, the director now directly owns 8,092 shares in the company, valued at $440,609.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 46,250 shares of the firm’s stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $52.06, for a total value of $2,407,775.00. Following the transaction, the chief executive officer now owns 286,170 shares of the company’s stock, valued at $14,898,010.20. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Wunderlich Capital Managemnt bought a new position in shares of Qorvo during the first quarter valued at $109,000. Advisor Group Inc. acquired a new stake in Qorvo during the second quarter valued at approximately $145,000. Oppenheimer & Co. Inc. acquired a new stake in Qorvo during the second quarter valued at approximately $206,000. Thrivent Financial for Lutherans acquired a new stake in Qorvo during the second quarter valued at approximately $216,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Qorvo during the second quarter valued at approximately $220,000. Hedge funds and other institutional investors own 87.11% of the company’s stock.
Qorvo Company Profile
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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