Frank Stewart Sells 8,279 Shares of Qorvo (NASDAQ:QRVO) Stock

Key Points

• Qorvo SVP Frank Stewart sold 8,279 shares at an average price of $94.72, generating approximately $784,187. His remaining stake fell 16.12% to 43,069 shares.
• Qorvo shares rose 4.4% to $100.63, while the company’s latest quarterly results exceeded expectations with earnings of $1.64 per share and revenue of $784.79 million.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $94 target price; institutional investors own 88.57% of Qorvo’s outstanding shares.

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) SVP Frank Stewart sold 8,279 shares of the business's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $94.72, for a total value of $784,186.88. Following the completion of the sale, the senior vice president directly owned 43,069 shares of the company's stock, valued at approximately $4,079,495.68. This trade represents a 16.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Qorvo Trading Up 4.4%

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

QRVO traded up $4.23 on Wednesday, hitting $100.63. 1,259,957 shares of the company were exchanged, compared to its average volume of 1,257,188. The firm has a fifty day simple moving average of $91.74 and a two-hundred day simple moving average of $89.14. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49. The stock has a market capitalization of $8.88 billion, a PE ratio of 23.35 and a beta of 1.44.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. The business's revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts expect that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on QRVO shares. UBS Group upped their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Craig Hallum reissued a "buy" rating and issued a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Wall Street Zen raised Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. Citigroup dropped their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $94.00.

Institutional Trading of Qorvo

A number of hedge funds have recently made changes to their positions in QRVO. Bank of America Corp DE boosted its stake in Qorvo by 801.4% in the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock worth $136,795,000 after purchasing an additional 1,571,303 shares in the last quarter. LSV Asset Management grew its position in Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock valued at $131,452,000 after purchasing an additional 34,605 shares during the last quarter. Amundi increased its stake in Qorvo by 197.2% during the 1st quarter. Amundi now owns 772,352 shares of the semiconductor company's stock valued at $59,780,000 after purchasing an additional 512,475 shares in the last quarter. Credit Industriel ET Commercial purchased a new position in Qorvo in the fourth quarter worth about $5,223,000. Finally, Fieldview Capital Management LLC raised its holdings in Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company's stock worth $2,058,000 after buying an additional 20,718 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

About Qorvo

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.

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