Qorvo, Inc. (QRVO) Receives Hold Rating from KeyCorp
Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “hold” rating reiterated by stock analysts at KeyCorp in a report released on Wednesday.
A number of other research analysts also recently issued reports on QRVO. Mizuho restated a “hold” rating and issued a $70.00 price target on shares of Qorvo in a research report on Friday, August 4th. BidaskClub upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Cowen and Company restated a “hold” rating and issued a $85.00 price target on shares of Qorvo in a research report on Sunday, September 17th. Drexel Hamilton restated a “buy” rating and issued a $95.00 price target on shares of Qorvo in a research report on Tuesday, August 1st. Finally, Canaccord Genuity raised their price target on shares of Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $73.45.
Qorvo (NASDAQ QRVO) traded down 0.78% on Wednesday, reaching $72.37. 835,727 shares of the company’s stock were exchanged. The firm’s market capitalization is $9.21 billion. The stock’s 50 day moving average price is $71.92 and its 200 day moving average price is $70.63. Qorvo has a 1-year low of $48.28 and a 1-year high of $79.34.
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, topping the Zacks’ consensus estimate of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. During the same period last year, the firm posted $1.08 EPS. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, analysts expect that Qorvo will post $5.53 earnings per share for the current year.
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In other Qorvo news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $66.94, for a total transaction of $401,640.00. Following the transaction, the vice president now owns 114,733 shares of the company’s stock, valued at approximately $7,680,227.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gina Harrison sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $73.41, for a total transaction of $367,050.00. Following the transaction, the vice president now directly owns 17,230 shares in the company, valued at approximately $1,264,854.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,080 shares of company stock worth $4,395,363. 0.91% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Qorvo by 16.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock valued at $27,452,000 after buying an additional 59,712 shares during the period. Baupost Group LLC MA acquired a new position in Qorvo during the 1st quarter valued at about $492,639,000. American Century Companies Inc. acquired a new position in Qorvo during the 2nd quarter valued at about $814,000. CHURCHILL MANAGEMENT Corp increased its stake in Qorvo by 25.7% during the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock valued at $2,369,000 after buying an additional 7,661 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Qorvo by 24.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,415 shares of the semiconductor company’s stock valued at $508,000 after buying an additional 1,438 shares during the period. 94.34% of the stock is currently 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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