Published On: Tue, Sep 13th, 2016

Qorvo Inc. (QRVO) Trading -0.1% Higher

Qorvo Inc. (NASDAQ:QRVO) shares traded up 0.1% during trading on Tuesday . The company traded as high as $54.57 and last traded at $53.70, with a volume of 891,608 shares trading hands. The stock had previously closed at $53.76.
A number of research analysts have recently commented on the stock. Brean Capital reaffirmed a “buy” rating and set a $62.00 price objective on shares of Qorvo in a research note on Sunday, May 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $63.00 price objective (up previously from $53.00) on shares of Qorvo in a research note on Wednesday, August 3rd. Mizuho downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Friday, July 1st. MKM Partners upped their price objective on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Drexel Hamilton upped their price objective on shares of Qorvo from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $61.97.
The stock’s market cap is $6.90 billion. The stock has a 50-day moving average of $56.99 and a 200 day moving average of $52.38.

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Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.03. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The company earned $697.60 million during the quarter, compared to the consensus estimate of $650.62 million. During the same period last year, the business earned $1.09 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts predict that Qorvo Inc. will post $5.09 EPS for the current fiscal year.
In related news, CEO Robert A. Bruggeworth sold 46,250 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $52.06, for a total value of $2,407,775.00. Following the transaction, the chief executive officer now directly owns 286,170 shares of the company’s stock, valued at approximately $14,898,010.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Walden C. Rhines acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was bought at an average cost of $54.02 per share, for a total transaction of $270,100.00. Following the completion of the purchase, the director now directly owns 26,708 shares in the company, valued at approximately $1,442,766.16. The disclosure for this purchase can be found here. Insiders own 1.14% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Qorvo by 0.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 20,404 shares of the company’s stock worth $1,128,000 after buying an additional 104 shares during the last quarter. Campbell Newman Asset Management Inc. increased its position in shares of Qorvo by 3.4% in the first quarter. Campbell Newman Asset Management Inc. now owns 5,041 shares of the company’s stock worth $254,000 after buying an additional 164 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Qorvo by 0.8% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 25,900 shares of the company’s stock valued at $1,431,000 after buying an additional 200 shares in the last quarter. TCW Group Inc. increased its position in shares of Qorvo by 1.9% in the second quarter. TCW Group Inc. now owns 10,505 shares of the company’s stock valued at $581,000 after buying an additional 200 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Qorvo by 3.5% in the second quarter. M&T Bank Corp now owns 9,556 shares of the company’s stock valued at $529,000 after buying an additional 319 shares in the last quarter. 87.10% of the stock is currently owned by institutional investors and hedge funds.
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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