Qorvo, Inc. (NASDAQ:QRVO) SVP Sells $283,756.75 in Stock

Qorvo, Inc. (NASDAQ:QRVO) SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Qorvo Stock Performance

NASDAQ QRVO opened at $68.33 on Monday. The business’s 50-day moving average price is $83.48 and its 200 day moving average price is $101.07. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a market capitalization of $6.46 billion, a PE ratio of -46.80, a price-to-earnings-growth ratio of 5.62 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm posted $1.99 EPS. The company’s revenue was down 5.2% on a year-over-year basis. On average, research analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently made changes to their positions in QRVO. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares during the last quarter. New Millennium Group LLC purchased a new stake in Qorvo during the second quarter valued at about $34,000. Larson Financial Group LLC increased its stake in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 201 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 244 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Qorvo during the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on QRVO. Piper Sandler lowered their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Loop Capital began coverage on shares of Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price target on the stock. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Finally, Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.88.

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.