Qorvo (NASDAQ:QRVO) Shares Gap Down to $106.02

Qorvo Inc (NASDAQ:QRVO) gapped down prior to trading on Tuesday . The stock had previously closed at $108.35, but opened at $106.02. Qorvo shares last traded at $103.23, with a volume of 2,146,529 shares changing hands.

A number of research analysts have commented on QRVO shares. JPMorgan Chase & Co. set a $110.00 price objective on Qorvo and gave the company a “buy” rating in a report on Friday, November 1st. Wells Fargo & Co started coverage on Qorvo in a report on Monday, February 10th. They issued an “overweight” rating and a $135.00 price objective on the stock. Canaccord Genuity upped their price objective on Qorvo from $110.00 to $135.00 and gave the company a “hold” rating in a report on Thursday, January 30th. BMO Capital Markets upped their price objective on Qorvo to $85.00 and gave the company a “positive” rating in a report on Friday, November 1st. Finally, Raymond James upped their price objective on Qorvo from $98.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $112.37.

The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 35.72, a price-to-earnings-growth ratio of 1.62 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.23 and a current ratio of 4.21. The firm has a fifty day moving average price of $111.20 and a 200-day moving average price of $93.44.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, January 29th. The semiconductor company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.40. The company had revenue of $869.10 million for the quarter, compared to analyst estimates of $852.62 million. Qorvo had a return on equity of 14.97% and a net margin of 11.03%. Qorvo’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.85 EPS. On average, sell-side analysts forecast that Qorvo Inc will post 5.57 EPS for the current fiscal year.

In other news, VP Gina Harrison sold 1,328 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $109.16, for a total transaction of $144,964.48. Following the sale, the vice president now directly owns 17,058 shares of the company’s stock, valued at approximately $1,862,051.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP James L. Klein sold 1,906 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $114.76, for a total value of $218,732.56. Following the sale, the vice president now owns 45,759 shares of the company’s stock, valued at $5,251,302.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,734 shares of company stock worth $414,692. 0.71% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC lifted its position in shares of Qorvo by 11.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 321,398 shares of the semiconductor company’s stock worth $23,828,000 after buying an additional 33,010 shares during the last quarter. Pictet Asset Management Ltd. lifted its position in shares of Qorvo by 16.1% during the 3rd quarter. Pictet Asset Management Ltd. now owns 32,095 shares of the semiconductor company’s stock worth $2,380,000 after buying an additional 4,450 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Qorvo during the 4th quarter worth $191,000. Alps Advisors Inc. lifted its position in shares of Qorvo by 22.9% during the 3rd quarter. Alps Advisors Inc. now owns 13,650 shares of the semiconductor company’s stock worth $1,012,000 after buying an additional 2,540 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Qorvo by 107.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 147,369 shares of the semiconductor company’s stock worth $17,129,000 after buying an additional 76,264 shares during the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

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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