Barclays PLC reaffirmed their hold rating on shares of Qorvo Inc (NASDAQ:QRVO) in a report published on Friday, May 5th. They currently have a $70.00 price target on the semiconductor company’s stock.
Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Qorvo in a report on Saturday, April 1st. Benchmark Co. assumed coverage on Qorvo in a report on Tuesday, April 25th. They issued a buy rating on the stock. DA Davidson downgraded Qorvo from a buy rating to a neutral rating and set a $70.00 target price on the stock. in a report on Thursday, May 4th. Needham & Company LLC reissued a buy rating and set a $70.00 price objective on shares of Qorvo in a report on Thursday, May 4th. Finally, TheStreet raised Qorvo from a c+ rating to a b rating in a report on Wednesday, May 3rd. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $65.67.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.74. The firm had revenue of $643 million for the quarter, compared to the consensus estimate of $632.12 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 3.22%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.04 EPS.
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In other Qorvo news, Director Daniel A. Dileo sold 5,000 shares of Qorvo stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $74.04, for a total transaction of $370,200.00. Following the completion of the transaction, the director now owns 24,520 shares in the company, valued at approximately $1,815,460.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Bruggeworth sold 19,847 shares of Qorvo stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $68.44, for a total value of $1,358,328.68. Following the transaction, the insider now owns 220,809 shares of the company’s stock, valued at approximately $15,112,167.96. The disclosure for this sale can be found here. Insiders have sold a total of 178,693 shares of company stock valued at $12,110,302 in the last quarter. Company insiders own 1.14% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Qorvo by 11.2% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 305,644 shares of the semiconductor company’s stock worth $17,037,000 after buying an additional 30,840 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of Qorvo by 2.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 109,010 shares of the semiconductor company’s stock worth $7,474,000 after buying an additional 2,279 shares during the last quarter. Todd Asset Management LLC acquired a new position in shares of Qorvo during the third quarter worth $13,083,000. Virtus Investment Advisers Inc. acquired a new position in shares of Qorvo during the third quarter worth $261,000. Finally, CHURCHILL MANAGEMENT Corp acquired a new position in shares of Qorvo during the first quarter worth $2,040,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.
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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