Insider Selling: Qorvo (NASDAQ:QRVO) VP Sells 956 Shares of Stock

Qorvo, Inc. (NASDAQ:QRVO) VP Gina Harrison sold 956 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $95.00, for a total value of $90,820.00. Following the transaction, the vice president owned 29,143 shares of the company’s stock, valued at approximately $2,768,585. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Qorvo Trading Up 4.5%

Shares of QRVO traded up $4.21 during midday trading on Wednesday, hitting $98.78. 1,225,621 shares of the stock were exchanged, compared to its average volume of 1,280,641. Qorvo, Inc. has a 52-week low of $73.00 and a 52-week high of $106.30. The stock has a fifty day simple moving average of $83.06 and a 200 day simple moving average of $83.85. The firm has a market cap of $8.69 billion, a P/E ratio of 27.29, a P/E/G ratio of 1.47 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24.

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

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Qorvo by 0.9% in the third quarter. Vanguard Group Inc. now owns 11,105,104 shares of the semiconductor company’s stock valued at $1,011,453,000 after buying an additional 100,058 shares in the last quarter. State Street Corp raised its stake in Qorvo by 5.0% in the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares in the last quarter. FIL Ltd raised its stake in Qorvo by 13.2% in the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock valued at $305,085,000 after buying an additional 421,224 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Qorvo by 16.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock valued at $168,842,000 after buying an additional 311,645 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Qorvo by 801.4% in the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after buying an additional 1,571,303 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Susquehanna reduced their price objective on Qorvo from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Craig Hallum reiterated a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Stifel Nicolaus reduced their price objective on Qorvo from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, January 28th. TD Cowen reduced their price objective on Qorvo from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $96.63.

About Qorvo

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.