Roderick Nelson Sells 2,000 Shares of Qorvo Inc (QRVO) Stock
Qorvo Inc (NASDAQ:QRVO) Director Roderick Nelson sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $74.41, for a total value of $148,820.00. Following the completion of the sale, the director now owns 5,907 shares in the company, valued at $439,539.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Qorvo Inc (NASDAQ:QRVO) traded up 0.04% during midday trading on Friday, hitting $75.58. The stock had a trading volume of 1,198,428 shares. The firm’s market cap is $9.90 billion. Qorvo Inc has a 52-week low of $47.40 and a 52-week high of $76.50. The firm’s 50 day moving average price is $69.44 and its 200 day moving average price is $62.37.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.74. The firm had revenue of $643 million for the quarter, compared to analyst estimates of $632.12 million. Qorvo had a negative net margin of 3.22% and a positive return on equity of 10.77%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 EPS. On average, equities research analysts expect that Qorvo Inc will post $5.60 earnings per share for the current year.
A number of equities research analysts recently commented on QRVO shares. Cowen and Company reiterated a “market perform” rating and issued a $60.00 target price (up from $53.00) on shares of Qorvo in a research report on Monday, January 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Qorvo from a “sell” rating to a “hold” rating in a research report on Friday, January 20th. Charter Equity upgraded Qorvo from a “market perform” rating to a “buy” rating in a research report on Wednesday, March 15th. Vetr downgraded Qorvo from a “hold” rating to a “sell” rating and set a $64.00 target price on the stock. in a research report on Wednesday, February 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price on shares of Qorvo in a research report on Tuesday, February 28th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $65.67.
Several hedge funds have recently added to or reduced their stakes in QRVO. Benjamin F. Edwards & Company Inc. raised its stake in Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 552 shares during the last quarter. Acrospire Investment Management LLC raised its stake in Qorvo by 16.7% in the third quarter. Acrospire Investment Management LLC now owns 2,100 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 300 shares during the last quarter. IFP Advisors Inc raised its stake in Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 670 shares during the last quarter. NEXT Financial Group Inc raised its stake in Qorvo by 145.6% in the first quarter. NEXT Financial Group Inc now owns 2,321 shares of the semiconductor company’s stock valued at $158,000 after buying an additional 1,376 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in Qorvo during the first quarter valued at approximately $191,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.
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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