Qorvo Sees Unusually High Options Volume (NASDAQ:QRVO)

Qorvo, Inc. (NASDAQ:QRVO) saw unusually large options trading activity on Monday. Investors purchased 3,159 call options on the company. This represents an increase of 206% compared to the average volume of 1,031 call options.

Analysts Set New Price Targets

A number of brokerages recently weighed in on QRVO. StockNews.com upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Susquehanna increased their target price on Qorvo from $95.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group lowered their target price on Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Barclays lowered their target price on Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $105.00 target price on shares of Qorvo in a research note on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $112.94.

Qorvo Stock Up 0.8 %

Shares of NASDAQ:QRVO traded up $1.01 during midday trading on Monday, hitting $123.02. The stock had a trading volume of 321,410 shares, compared to its average volume of 1,331,125. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The business’s 50-day simple moving average is $111.88 and its 200-day simple moving average is $110.36. The company has a market cap of $11.69 billion, a P/E ratio of -167.14, a PEG ratio of 1.18 and a beta of 1.46.

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

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 941 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at $676,652. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Harding sold 941 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,372 shares of company stock worth $4,517,858. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo during the 2nd quarter valued at $29,000. Park Place Capital Corp lifted its holdings 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 last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares in the last quarter. Finally, New Millennium Group LLC acquired a new stake in shares of Qorvo during the second quarter worth $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

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.