Qorvo (QRVO) Shares Gap Down After Insider Selling
Qorvo, Inc. (NASDAQ:QRVO)’s share price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $73.56, but opened at $71.78. Qorvo shares last traded at $70.10, with a volume of 3571480 shares.
Specifically, Director Walter H. Wilkinson sold 15,925 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the sale, the director now directly owns 62,480 shares of the company’s stock, valued at approximately $4,999,649.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $73.37, for a total value of $440,220.00. Following the completion of the sale, the vice president now directly owns 106,725 shares in the company, valued at $7,830,413.25. The disclosure for this sale can be found here. Insiders have sold a total of 58,836 shares of company stock worth $4,474,515 in the last quarter. Company insiders own 0.91% of the company’s stock.
A number of analysts have recently commented on QRVO shares. J P Morgan Chase & Co set a $88.00 price target on Qorvo and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Craig Hallum cut Qorvo from a “buy” rating to a “hold” rating and dropped their price target for the stock from $78.00 to $71.00 in a research report on Thursday, November 2nd. Nomura started coverage on Qorvo in a research report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 price target on the stock. Instinet started coverage on Qorvo in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $86.00 price target on shares of Qorvo in a research report on Sunday, September 17th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Qorvo currently has a consensus rating of “Hold” and an average price target of $76.74.
The firm has a market cap of $9,126.69, a PE ratio of 17.94, a PEG ratio of 1.21 and a beta of 1.02. The company has a current ratio of 3.80, a quick ratio of 2.71 and a debt-to-equity ratio of 0.20.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, meeting the consensus estimate of $1.52. The firm had revenue of $821.60 million for the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The company’s revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 EPS. equities research analysts expect that Qorvo, Inc. will post 4.74 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC bought a new position in shares of Qorvo during the 3rd quarter valued at $130,000. Federated Investors Inc. PA lifted its holdings in shares of Qorvo by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 90 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Qorvo by 79.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 1,000 shares during the period. Advisor Group Inc. lifted its holdings in shares of Qorvo by 5.1% during the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 126 shares during the period. Finally, Global X Management Co. LLC lifted its holdings in shares of Qorvo by 400.9% during the 2nd quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after buying an additional 2,237 shares during the period. 96.74% of the stock is currently owned by hedge funds and other institutional investors.
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Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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