Qorvo’s (QRVO) Buy Rating Reiterated at Brean Capital
Qorvo Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating reissued by equities research analysts at Brean Capital in a report released on Wednesday.
A number of other research firms have also recently commented on QRVO. Craig Hallum boosted their target price on shares of Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. MKM Partners boosted their target price on shares of Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. DA Davidson cut their price target on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd. Mizuho upped their price target on shares of Qorvo from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. upped their price target on shares of Qorvo from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $61.97.
Shares of Qorvo (NASDAQ:QRVO) traded up 1.33% on Wednesday, reaching $55.48. 275,231 shares of the company’s stock traded hands. Qorvo has a 52 week low of $33.30 and a 52 week high of $64.80. The company has a 50 day moving average of $55.81 and a 200-day moving average of $52.74. The stock’s market capitalization is $7.10 billion.
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Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, topping 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 in the previous year, the company posted $1.09 earnings per share. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts forecast that Qorvo will post $5.09 earnings per share for the current year.
In other Qorvo news, CEO Robert A. Bruggeworth sold 10,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $59.50, for a total value of $595,000.00. Following the completion of the sale, the chief executive officer now directly owns 229,524 shares of the company’s stock, valued at approximately $13,656,678. 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 company’s stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $52.06, for a total transaction of $2,407,775.00. Following the completion of the sale, the chief executive officer now directly owns 286,170 shares of the company’s stock, valued at $14,898,010.20. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Macquarie Group Ltd. increased its stake in shares of Qorvo by 0.3% in the second quarter. Macquarie Group Ltd. now owns 75,350 shares of the company’s stock worth $4,164,000 after buying an additional 250 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Qorvo during the second quarter worth $285,000. Kentucky Retirement Systems acquired a new stake in shares of Qorvo during the second quarter worth $599,000. Mason Street Advisors LLC acquired a new stake in shares of Qorvo during the second quarter worth $949,000. Finally, Royal Bank of Canada increased its stake in shares of Qorvo by 52.2% in the second quarter. Royal Bank of Canada now owns 448,052 shares of the company’s stock worth $24,760,000 after buying an additional 153,665 shares during the last quarter. 87.11% of the stock is owned by institutional investors.
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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