Qorvo, Inc. (QRVO) Insider Robert A. Bruggeworth Sells 2,940 Shares
Qorvo, Inc. (NASDAQ:QRVO) insider Robert A. Bruggeworth sold 2,940 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $71.90, for a total value of $211,386.00. Following the sale, the insider now directly owns 207,344 shares of the company’s stock, valued at approximately $14,908,033.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Qorvo, Inc. (QRVO) traded down 1.70% on Thursday, reaching $71.19. The company had a trading volume of 1,388,625 shares. Qorvo, Inc. has a 52-week low of $48.28 and a 52-week high of $79.34. The stock’s 50-day moving average price is $67.62 and its 200 day moving average price is $69.15. The firm’s market capitalization is $9.06 billion.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The firm had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. During the same period in the prior year, the firm earned $1.08 EPS. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo, Inc. will post $5.54 earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock valued at $599,038,000 after buying an additional 8,477,705 shares in the last quarter. Baupost Group LLC MA bought a new stake in shares of Qorvo during the first quarter valued at about $492,639,000. Manning & Napier Advisors LLC bought a new stake in shares of Qorvo during the second quarter valued at about $101,456,000. Todd Asset Management LLC increased its stake in shares of Qorvo by 182.7% in the first quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock valued at $47,947,000 after buying an additional 451,987 shares in the last quarter. Finally, Strs Ohio increased its stake in shares of Qorvo by 105.3% in the first quarter. Strs Ohio now owns 876,710 shares of the semiconductor company’s stock valued at $60,107,000 after buying an additional 449,775 shares in the last quarter. Hedge funds and other institutional investors own 97.09% of the company’s stock.
Several equities research analysts have issued reports on the company. Benchmark Co. assumed coverage on Qorvo in a research note on Tuesday, April 25th. They set a “buy” rating for the company. MKM Partners reissued a “buy” rating and set a $90.00 target price (up previously from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Cowen and Company reissued a “market perform” rating and set a $85.00 target price (up previously from $74.00) on shares of Qorvo in a research note on Friday, May 26th. Barclays PLC reissued a “hold” rating and set a $70.00 target price on shares of Qorvo in a research note on Monday, May 15th. Finally, BMO Capital Markets reissued a “hold” rating and set a $63.00 target price on shares of Qorvo in a research note on Monday, June 12th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $73.28.
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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