Qorvo Inc. (QRVO) Bonds Trading 2.6% Lower
An issue of Qorvo Inc. (NASDAQ:QRVO) bonds fell 2.6% against their face value during trading on Wednesday. The high-yield debt issue has a 6.75% coupon and is set to mature on December 1, 2023. The bonds in the issue are now trading at $108.88 and were trading at $108.25 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
A number of research firms have weighed in on QRVO. Zacks Investment Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 4th. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a research note on Wednesday, September 21st. Pacific Crest reaffirmed an “equal weight” rating on shares of Qorvo in a research note on Monday, August 29th. Bank of America Corp. reiterated a “buy” rating and issued a $70.00 target price on shares of Qorvo in a report on Monday, August 15th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $67.00 target price (up previously from $60.00) on shares of Qorvo in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the company. Qorvo currently has an average rating of “Hold” and an average price target of $61.97.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 55.21 on Thursday. Qorvo Inc. has a 12-month low of $33.30 and a 12-month high of $64.80. The company’s 50-day moving average is $55.68 and its 200-day moving average is $53.37. The company’s market cap is $7.06 billion.
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Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The company had revenue of $697.60 million for the quarter, compared to the consensus estimate of $650.62 million. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 earnings per share. Equities research analysts predict that Qorvo Inc. will post $5.09 earnings per share for the current year.
In related news, VP James L. Klein sold 1,384 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $55.00, for a total value of $76,120.00. Following the transaction, the vice president now owns 40,528 shares of the company’s stock, valued at $2,229,040. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Walden C. Rhines acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The stock was acquired at an average cost of $54.02 per share, for a total transaction of $270,100.00. Following the acquisition, the director now owns 26,708 shares of the company’s stock, valued at approximately $1,442,766.16. The disclosure for this purchase can be found here. 1.14% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of QRVO. Artemis Investment Management LLP increased its position in shares of Qorvo by 167.0% in the second quarter. Artemis Investment Management LLP now owns 218,067 shares of the company’s stock valued at $12,048,000 after buying an additional 136,401 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock valued at $83,131,000 after buying an additional 767,554 shares in the last quarter. Westpac Banking Corp increased its position in shares of Qorvo by 28.7% in the second quarter. Westpac Banking Corp now owns 7,493 shares of the company’s stock valued at $414,000 after buying an additional 1,670 shares in the last quarter. Exxonmobil Investment Management Inc. TX increased its position in shares of Qorvo by 5.0% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,011 shares of the company’s stock valued at $1,824,000 after buying an additional 1,577 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of Qorvo during the second quarter valued at $1,444,000. 87.10% of the stock is currently 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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