Qorvo Inc. (QRVO) Bond Prices Fall 2.6%
An issue of Qorvo Inc. (NASDAQ:QRVO) bonds fell 2.6% against their face value during trading on Tuesday. The high-yield debt issue has a 6.75% coupon and will mature on December 1, 2023. The bonds in the issue are now trading at $108.88 and were trading at $108.25 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
Several research analysts have recently commented on the company. Craig Hallum lifted their target price on Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. MKM Partners lifted their target price on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. DA Davidson reduced their target price on Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 3rd. Mizuho lifted their target price on Qorvo from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. lifted their target price on Qorvo from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.97.
Qorvo Inc. (NASDAQ:QRVO) opened at 55.52 on Wednesday. The firm’s market capitalization is $7.10 billion. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80. The firm has a 50-day moving average price of $55.71 and a 200 day moving average price of $53.35.
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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 the Zacks’ consensus estimate of $1.05 by $0.03. The company earned $697.60 million during the quarter, compared to the consensus estimate of $650.62 million. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. Qorvo’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the business posted $1.09 earnings per share. Analysts anticipate that Qorvo Inc. will post $5.09 EPS for the current fiscal year.
In related news, VP James L. Klein sold 1,384 shares of the stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $55.00, for a total transaction of $76,120.00. Following the completion of the sale, the vice president now directly owns 39,821 shares of the company’s stock, valued at $2,190,155. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director C Scott Gibson sold 1,200 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $54.45, for a total value of $65,340.00. Following the sale, the director now directly owns 8,092 shares of the company’s stock, valued at $440,609.40. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Fisher Asset Management LLC increased its stake in shares of Qorvo by 3.1% in the third quarter. Fisher Asset Management LLC now owns 1,140,584 shares of the company’s stock worth $63,576,000 after buying an additional 34,107 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Qorvo by 142.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,192 shares of the company’s stock worth $1,906,000 after buying an additional 20,114 shares during the last quarter. First Mercantile Trust Co. increased its stake in shares of Qorvo by 41.0% in the third quarter. First Mercantile Trust Co. now owns 17,994 shares of the company’s stock worth $1,003,000 after buying an additional 5,235 shares during the last quarter. 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. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Qorvo during the second quarter worth approximately $285,000. 87.10% of the stock is owned by institutional investors.
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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