Qorvo, Inc. (NASDAQ:QRVO) CEO Robert A. Bruggeworth Sells 22,299 Shares of Stock

Qorvo, Inc. (NASDAQ:QRVO) CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the transaction, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Qorvo Trading Down 0.6 %

Shares of Qorvo stock traded down $0.64 during trading on Friday, hitting $98.87. The stock had a trading volume of 164,390 shares, compared to its average volume of 1,324,867. The stock has a market cap of $9.55 billion, a PE ratio of -136.25, a PEG ratio of 1.21 and a beta of 1.53. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $121.65. The firm’s fifty day simple moving average is $109.92 and its 200-day simple moving average is $106.14. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period in the prior year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was up 48.7% on a year-over-year basis. As a group, sell-side analysts expect that Qorvo, Inc. will post 5.16 EPS for the current fiscal year.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently made changes to their positions in the company. Park Place Capital Corp increased its position in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares during the period. Riverview Trust Co purchased a new position in Qorvo during the first quarter valued at approximately $40,000. Fidelis Capital Partners LLC bought a new position in Qorvo in the first quarter worth approximately $58,000. Huntington National Bank lifted its holdings in Qorvo by 8,090.0% during the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after buying an additional 809 shares during the period. Finally, GAMMA Investing LLC bought a new position in Qorvo in the fourth quarter worth about $104,000. 88.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on QRVO. Barclays dropped their price target on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. JPMorgan Chase & Co. cut their price target on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. The Goldman Sachs Group lowered their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, May 11th. Finally, Susquehanna lowered their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $110.83.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.