Qorvo Inc (NASDAQ:QRVO) Director Daniel A. Dileo sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $74.04, for a total value of $370,200.00. Following the completion of the transaction, the director now directly owns 24,520 shares in the company, valued at $1,815,460.80. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of Qorvo Inc (NASDAQ:QRVO) traded down 0.05% during midday trading on Friday, reaching $75.51. The company’s stock had a trading volume of 2,091,023 shares. The firm’s market capitalization is $9.89 billion. The stock has a 50-day moving average of $69.44 and a 200 day moving average of $62.37. Qorvo Inc has a 12-month low of $47.40 and a 12-month high of $76.50.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.74. The business had revenue of $643 million during the quarter, compared to the consensus estimate of $632.12 million. Qorvo had a negative net margin of 3.22% and a positive return on equity of 10.77%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Equities research analysts predict that Qorvo Inc will post $5.60 EPS for the current fiscal year.
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QRVO has been the topic of several analyst reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Qorvo in a research report on Thursday, February 2nd. Craig Hallum upped their price objective on Qorvo from $68.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. Barclays PLC upped their price objective on Qorvo from $60.00 to $75.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 18th. Zacks Investment Research raised Qorvo from a “sell” rating to a “hold” rating in a research report on Friday, January 20th. Finally, TheStreet raised Qorvo from a “c+” rating to a “b” rating in a research report on Wednesday, May 3rd. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company. Qorvo has an average rating of “Hold” and an average target price of $65.67.
Several hedge funds have recently added to or reduced their stakes in QRVO. BlackRock Inc. boosted its stake in Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after buying an additional 8,477,705 shares in the last quarter. Norges Bank bought a new stake in Qorvo during the fourth quarter worth approximately $56,698,000. Vulcan Value Partners LLC boosted its stake in Qorvo by 20.9% in the fourth quarter. Vulcan Value Partners LLC now owns 5,803,082 shares of the semiconductor company’s stock worth $305,996,000 after buying an additional 1,001,936 shares in the last quarter. Todd Asset Management LLC boosted its stake in Qorvo by 182.7% in the first quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock worth $47,947,000 after buying an additional 451,987 shares in the last quarter. Finally, Strs Ohio boosted its stake in Qorvo by 105.3% in the first quarter. Strs Ohio now owns 876,710 shares of the semiconductor company’s stock worth $60,107,000 after buying an additional 449,775 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.
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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