Insider Selling: Qorvo, Inc. (QRVO) VP Sells $184,184.00 in Stock
Qorvo, Inc. (NASDAQ:QRVO) VP James L. Klein sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $70.84, for a total value of $184,184.00. Following the completion of the transaction, the vice president now directly owns 42,993 shares of the company’s stock, valued at $3,045,624.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Qorvo, Inc. (NASDAQ QRVO) traded up 0.14% during mid-day trading on Tuesday, hitting $71.39. The company had a trading volume of 428,588 shares. Qorvo, Inc. has a 12 month low of $48.28 and a 12 month high of $79.34. The firm has a 50-day moving average price of $71.67 and a 200 day moving average price of $70.42. The firm’s market capitalization is $9.09 billion.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. On average, equities research analysts forecast that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.
Several equities research analysts have commented on QRVO shares. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 price objective on shares of Qorvo in a research note on Monday, June 12th. Nomura started coverage on shares of Qorvo in a report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 target price for the company. Cowen and Company reiterated a “hold” rating and issued a $85.00 target price on shares of Qorvo in a research note on Sunday, September 17th. Needham & Company LLC reiterated a “buy” rating and issued a $86.00 target price on shares of Qorvo in a research note on Sunday, September 17th. Finally, Mizuho reissued a “hold” rating and set a $70.00 price target on shares of Qorvo in a report on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $73.45.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Federated Investors Inc. PA raised its holdings in Qorvo by 4.0% during the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after purchasing an additional 90 shares during the last quarter. NEXT Financial Group Inc boosted its position in Qorvo by 2.1% during the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after purchasing an additional 49 shares in the last quarter. Advisor Group Inc. boosted its position in Qorvo by 5.1% during the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 126 shares in the last quarter. Global X Management Co. LLC boosted its position in Qorvo by 400.9% during the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock worth $177,000 after purchasing an additional 2,237 shares in the last quarter. Finally, Achmea Investment Management B.V. purchased a new stake in Qorvo during the second quarter worth $188,000. 94.34% of the stock is owned by hedge funds and other 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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