Traders Buy Shares of Qorvo (QRVO) on Weakness on Insider Selling

Traders purchased shares of Qorvo Inc (NASDAQ:QRVO) on weakness during trading hours on Thursday following insider selling activity. $48.33 million flowed into the stock on the tick-up and $16.18 million flowed out of the stock on the tick-down, for a money net flow of $32.15 million into the stock. Of all companies tracked, Qorvo had the 20th highest net in-flow for the day. Qorvo traded down ($0.18) for the day and closed at $76.05Specifically, VP Gina Harrison sold 1,016 shares of the firm’s stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $70.00, for a total transaction of $71,120.00. Following the sale, the vice president now owns 17,004 shares in the company, valued at $1,190,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $74.90, for a total value of $224,700.00. Following the transaction, the vice president now directly owns 52,006 shares in the company, valued at $3,895,249.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 226,381 shares of company stock worth $15,605,724. 0.85% of the stock is owned by company insiders.

A number of brokerages recently weighed in on QRVO. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a report on Wednesday. TheStreet upgraded shares of Qorvo from a “c+” rating to a “b-” rating in a research report on Monday, March 25th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Qorvo in a research report on Monday, March 4th. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. Finally, Goldman Sachs Group raised shares of Qorvo from a “neutral” rating to a “buy” rating and increased their target price for the company from $66.00 to $79.00 in a research report on Thursday, March 21st. Fourteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $76.00.

The stock has a market capitalization of $9.36 billion, a P/E ratio of 15.91, a PEG ratio of 1.38 and a beta of 0.91. The company has a quick ratio of 2.78, a current ratio of 3.90 and a debt-to-equity ratio of 0.16.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Thursday, February 7th. The semiconductor company reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.30. Qorvo had a return on equity of 14.11% and a net margin of 1.92%. The firm had revenue of $832.20 million during the quarter, compared to the consensus estimate of $819.21 million. During the same period last year, the company earned $1.69 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that Qorvo Inc will post 5.03 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Oregon Public Employees Retirement Fund raised its stake in shares of Qorvo by 8,987.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 3,620,278 shares during the last quarter. Norges Bank bought a new stake in shares of Qorvo in the fourth quarter worth about $91,781,000. Rehmann Capital Advisory Group grew its stake in shares of Qorvo by 1,736,909.1% in the third quarter. Rehmann Capital Advisory Group now owns 191,071 shares of the semiconductor company’s stock worth $2,485,000 after purchasing an additional 191,060 shares during the last quarter. Marshall Wace North America L.P. lifted its holdings in shares of Qorvo by 574.2% during the third quarter. Marshall Wace North America L.P. now owns 209,034 shares of the semiconductor company’s stock valued at $16,073,000 after purchasing an additional 178,030 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Qorvo by 13.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock valued at $87,523,000 after purchasing an additional 175,203 shares during the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.

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Qorvo Company Profile (NASDAQ:QRVO)

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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