Qorvo, Inc. (QRVO) Given Buy Rating at Craig Hallum
Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by stock analysts at Craig Hallum in a note issued to investors on Wednesday.
Other equities analysts have also recently issued research reports about the company. MKM Partners reiterated a “buy” rating and set a $90.00 price target (up previously from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $86.00 price target on shares of Qorvo in a report on Friday, May 26th. Canaccord Genuity lifted their price target on Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Drexel Hamilton reiterated a “buy” rating and set a $95.00 price target on shares of Qorvo in a report on Tuesday, August 1st. Finally, BidaskClub cut Qorvo from a “strong-buy” rating to a “buy” rating in a report on Friday, June 16th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. Qorvo currently has a consensus rating of “Hold” and an average target price of $73.45.
Qorvo (NASDAQ QRVO) traded up 0.89% during trading on Wednesday, reaching $73.66. The company’s stock had a trading volume of 370,736 shares. Qorvo has a 52-week low of $19.18 and a 52-week high of $74.69. The firm’s 50-day moving average is $46.06 and its 200-day moving average is $57.57. The stock’s market cap is $9.37 billion.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $632.18 million. During the same quarter last year, the company posted $1.08 earnings per share. Qorvo’s quarterly revenue was down 8.3% on a year-over-year basis. Equities research analysts forecast that Qorvo will post $5.54 EPS for the current year.
In other Qorvo news, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total transaction of $165,074.00. Following the completion of the transaction, the vice president now directly owns 40,058 shares in the company, valued at $2,543,282.42. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Harding sold 3,260 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $71.79, for a total transaction of $234,035.40. Following the transaction, the director now owns 6,322 shares of the company’s stock, valued at $453,856.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,919 shares of company stock valued at $5,379,553. Company insiders own 0.91% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Achmea Investment Management B.V. acquired a new position in Qorvo during the second quarter valued at approximately $188,000. Sentry Investment Management LLC raised its position in Qorvo by 1.4% during the second quarter. Sentry Investment Management LLC now owns 6,648 shares of the semiconductor company’s stock valued at $421,000 after purchasing an additional 95 shares in the last quarter. Toronto Dominion Bank raised its position in Qorvo by 26.1% during the second quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock valued at $2,725,000 after purchasing an additional 8,911 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Qorvo during the second quarter valued at approximately $933,000. Finally, Verition Fund Management LLC acquired a new position in Qorvo during the second quarter valued at approximately $1,300,000. Institutional investors and hedge funds own 94.39% of the company’s stock.
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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