Qorvo (NASDAQ:QRVO) CEO Sells $5,818,882.80 in Stock

Qorvo, Inc. (NASDAQ:QRVO) CEO Robert Bruggeworth sold 57,957 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer owned 319,880 shares of the company’s stock, valued at $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Qorvo Trading Up 2.9%

Shares of QRVO traded up $2.86 during trading on Tuesday, reaching $102.83. 1,113,923 shares of the company traded hands, compared to its average volume of 1,222,104. Qorvo, Inc. has a twelve month low of $74.77 and a twelve month high of $109.49. The stock has a market cap of $9.05 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 1.62 and a beta of 1.42. The stock has a 50-day simple moving average of $87.63 and a 200-day simple moving average of $84.71. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period last year, the business earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts anticipate that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on QRVO shares. JPMorgan Chase & Co. boosted their target price on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Craig Hallum reissued a “buy” rating and issued a $120.00 target price on shares of Qorvo in a research report on Wednesday, May 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Finally, Mizuho reissued an “underperform” rating and issued a $66.00 target price (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $96.63.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp grew its stake in shares of Qorvo by 440.1% during the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after purchasing an additional 6,628 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Qorvo by 158.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $180,000 after purchasing an additional 1,301 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Qorvo by 56.5% during the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock worth $12,100,000 after purchasing an additional 51,475 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Qorvo during the second quarter worth $428,000. Finally, Cerity Partners LLC acquired a new position in shares of Qorvo during the second quarter worth $327,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.