Qorvo, Inc. (QRVO) Receives Average Recommendation of “Hold” from Analysts
Qorvo, Inc. (NASDAQ:QRVO) has been assigned a consensus recommendation of “Hold” from the twenty-nine ratings firms that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $73.39.
A number of brokerages have issued reports on QRVO. BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Zacks Investment Research cut Qorvo from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 21st. Raymond James Financial, Inc. began coverage on Qorvo in a report on Friday, June 16th. They issued an “outperform” rating and a $87.00 target price for the company. Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday. Finally, Canaccord Genuity upped their target price on Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd.
Shares of Qorvo (QRVO) opened at 75.49 on Friday. The firm’s market capitalization is $9.61 billion. The company has a 50-day moving average price of $58.03 and a 200-day moving average price of $61.14. Qorvo has a 12 month low of $19.18 and a 12 month high of $75.55.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (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 in the prior year, the firm earned $1.08 EPS. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. Equities analysts forecast that Qorvo will post $5.54 EPS for the current fiscal year.
In related news, insider Robert A. Bruggeworth sold 27,839 shares of the company’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $65.03, for a total transaction of $1,810,370.17. Following the sale, the insider now owns 217,042 shares in the company, valued at approximately $14,114,241.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $63.49, for a total value of $165,074.00. Following the sale, the vice president now owns 40,058 shares in the company, valued at approximately $2,543,282.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,919 shares of company stock worth $5,379,553. 0.91% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in QRVO. BlackRock Inc. boosted its position in shares of Qorvo by 3,264.5% during the 1st quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock valued at $599,038,000 after purchasing an additional 8,477,705 shares in the last quarter. Baupost Group LLC MA bought a new stake in shares of Qorvo during the 1st quarter valued at about $492,639,000. Manning & Napier Advisors LLC bought a new stake in shares of Qorvo during the 2nd quarter valued at about $101,456,000. Vanguard Group Inc. boosted its position in shares of Qorvo by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after purchasing an additional 430,596 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Qorvo by 240.7% during the 1st quarter. JPMorgan Chase & Co. now owns 466,766 shares of the semiconductor company’s stock valued at $32,000,000 after purchasing an additional 329,770 shares in the last quarter. Institutional investors 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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