Qorvo Inc (QRVO) Sees Significant Decrease in Short Interest
Qorvo Inc (NASDAQ:QRVO) was the target of a large decline in short interest in May. As of May 15th, there was short interest totalling 11,000,111 shares, a decline of 10.3% from the April 28th total of 12,268,589 shares. Currently, 8.8% of the shares of the company are sold short. Based on an average daily trading volume, of 2,099,126 shares, the short-interest ratio is presently 5.2 days.
In other Qorvo news, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $67.13, for a total value of $174,538.00. Following the completion of the transaction, the vice president now directly owns 41,037 shares of the company’s stock, valued at approximately $2,754,813.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP James L. Klein sold 5,465 shares of the firm’s stock in a transaction on Monday, April 10th. The shares were sold at an average price of $71.22, for a total transaction of $389,217.30. Following the completion of the transaction, the vice president now directly owns 39,952 shares of the company’s stock, valued at $2,845,381.44. The disclosure for this sale can be found here. Insiders sold a total of 71,847 shares of company stock valued at $5,186,751 over the last quarter. 1.14% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. LMR Partners LLP raised its stake in Qorvo by 37.3% in the third quarter. LMR Partners LLP now owns 11,361 shares of the semiconductor company’s stock valued at $634,000 after buying an additional 3,084 shares during the period. Tygh Capital Management Inc. increased its position in Qorvo by 76.8% in the third quarter. Tygh Capital Management Inc. now owns 90,495 shares of the semiconductor company’s stock valued at $5,044,000 after buying an additional 39,323 shares in the last quarter. ICM Asset Management Inc. WA increased its position in Qorvo by 22.0% in the third quarter. ICM Asset Management Inc. WA now owns 45,668 shares of the semiconductor company’s stock valued at $2,546,000 after buying an additional 8,235 shares in the last quarter. Clear Harbor Asset Management LLC increased its position in Qorvo by 18.4% in the third quarter. Clear Harbor Asset Management LLC now owns 34,660 shares of the semiconductor company’s stock valued at $1,932,000 after buying an additional 5,385 shares in the last quarter. Finally, AlphaMark Advisors LLC bought a new position in Qorvo during the third quarter valued at approximately $2,268,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.
A number of research firms have recently issued reports on QRVO. TheStreet raised shares of Qorvo from a “c+” rating to a “b” rating in a report on Wednesday, May 3rd. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Qorvo in a report on Saturday, April 1st. Charter Equity raised shares of Qorvo from a “market perform” rating to a “buy” rating in a report on Wednesday, March 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price objective (up from $62.00) on shares of Qorvo in a report on Thursday, February 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $73.00 price objective on shares of Qorvo in a report on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $66.95.
Qorvo (NASDAQ:QRVO) opened at 77.84 on Friday. Qorvo has a 12 month low of $47.40 and a 12 month high of $79.33. The company’s 50 day moving average is $71.02 and its 200 day moving average is $63.39. The stock’s market cap is $10.20 billion.
Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The firm had revenue of $643 million during the quarter, compared to analyst estimates of $632.12 million. Qorvo had a negative net margin of 3.22% and a positive return on equity of 10.77%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business earned $1.04 EPS. On average, analysts anticipate that Qorvo will post $5.60 EPS for the current fiscal year.
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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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