James L. Klein Sells 1,384 Shares of Qorvo Inc. (QRVO) Stock
Qorvo Inc. (NASDAQ:QRVO) VP James L. Klein sold 1,384 shares of the company’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $55.00, for a total transaction of $76,120.00. Following the completion of the transaction, the vice president now owns 39,821 shares of the company’s stock, valued at approximately $2,190,155. The sale was disclosed in a filing with the SEC, which is available at this link.
Qorvo Inc. (NASDAQ:QRVO) opened at 56.64 on Friday. The stock’s market cap is $7.24 billion. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80. The stock has a 50 day moving average of $55.73 and a 200-day moving average of $53.25.
Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate 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 firm earned $697.60 million during the quarter, compared to analyst estimates of $650.62 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. Analysts anticipate that Qorvo Inc. will post $5.09 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in QRVO. Wunderlich Capital Managemnt acquired a new stake in Qorvo during the first quarter valued at $109,000. Advisor Group Inc. acquired a new stake in Qorvo during the second quarter valued at $145,000. Oppenheimer & Co. Inc. acquired a new stake in Qorvo during the second quarter valued at $206,000. Advisor Partners LLC acquired a new stake in Qorvo during the first quarter valued at $210,000. Finally, Thrivent Financial for Lutherans acquired a new stake in Qorvo during the second quarter valued at $216,000. Hedge funds and other institutional investors own 87.10% of the company’s stock.
QRVO has been the subject of several research analyst reports. Zacks Investment Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Pacific Crest restated an “equal weight” rating on shares of Qorvo in a report on Monday, August 29th. Brean Capital restated a “buy” rating on shares of Qorvo in a report on Wednesday, September 21st. Cowen and Company upped their target price on shares of Qorvo from $55.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, July 22nd. Finally, Drexel Hamilton restated a “buy” rating on shares of Qorvo in a report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $61.97.
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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