Robert Bruggeworth Sells 57,957 Shares of Qorvo (NASDAQ:QRVO) Stock

Qorvo, Inc. (NASDAQ:QRVO) CEO Robert Bruggeworth sold 57,957 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the sale, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Qorvo Stock Up 1.9%

QRVO stock opened at $104.73 on Thursday. The company’s 50 day simple moving average is $88.65 and its 200-day simple moving average is $84.95. The firm has a market capitalization of $9.22 billion, a PE ratio of 28.93, a P/E/G ratio of 1.60 and a beta of 1.43. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. The business had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts expect that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on QRVO shares. Wolfe Research lowered shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Citigroup increased their price target on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Finally, Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $96.63.

Institutional Trading of Qorvo

A number of hedge funds have recently bought and sold shares of the company. Optimize Financial Inc purchased a new position in Qorvo during the third quarter worth approximately $1,349,000. Jain Global LLC raised its stake in Qorvo by 71.6% during the third quarter. Jain Global LLC now owns 277,219 shares of the semiconductor company’s stock worth $25,249,000 after purchasing an additional 115,640 shares during the period. JPMorgan Chase & Co. raised its stake in Qorvo by 58.7% during the third quarter. JPMorgan Chase & Co. now owns 313,156 shares of the semiconductor company’s stock worth $28,522,000 after purchasing an additional 115,890 shares during the period. Envestnet Asset Management Inc. raised its stake in Qorvo by 83.6% during the third quarter. Envestnet Asset Management Inc. now owns 40,443 shares of the semiconductor company’s stock worth $3,684,000 after purchasing an additional 18,415 shares during the period. Finally, SG Americas Securities LLC raised its stake in Qorvo by 2,687.9% during the fourth quarter. SG Americas Securities LLC now owns 234,464 shares of the semiconductor company’s stock worth $19,815,000 after purchasing an additional 226,054 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.