Qorvo, Inc. (NASDAQ:QRVO) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 2,330,000 shares, a decrease of 14.7% from the June 30th total of 2,730,000 shares. Based on an average trading volume of 1,050,000 shares, the days-to-cover ratio is presently 2.2 days. Currently, 2.1% of the company’s stock are sold short.
In other Qorvo news, CEO Robert A. Bruggeworth sold 10,289 shares of the company’s stock in a transaction dated Monday, May 24th. The shares were sold at an average price of $176.94, for a total transaction of $1,820,535.66. Following the completion of the sale, the chief executive officer now directly owns 169,275 shares in the company, valued at $29,951,518.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James L. Klein sold 1,909 shares of the company’s stock in a transaction dated Tuesday, June 15th. The shares were sold at an average price of $184.00, for a total transaction of $351,256.00. Following the sale, the vice president now owns 48,241 shares of the company’s stock, valued at $8,876,344. The disclosure for this sale can be found here. Insiders sold 27,948 shares of company stock worth $4,865,933 over the last ninety days. 0.52% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Norges Bank bought a new position in shares of Qorvo during the fourth quarter worth $223,801,000. Robeco Schweiz AG boosted its position in shares of Qorvo by 251.4% during the first quarter. Robeco Schweiz AG now owns 1,560,000 shares of the semiconductor company’s stock worth $285,012,000 after purchasing an additional 1,116,000 shares in the last quarter. Baupost Group LLC MA boosted its position in shares of Qorvo by 17.7% during the first quarter. Baupost Group LLC MA now owns 5,224,466 shares of the semiconductor company’s stock worth $954,510,000 after purchasing an additional 784,371 shares in the last quarter. Select Equity Group L.P. boosted its position in shares of Qorvo by 101.3% during the first quarter. Select Equity Group L.P. now owns 1,266,503 shares of the semiconductor company’s stock worth $231,390,000 after purchasing an additional 637,220 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Qorvo by 4.8% during the first quarter. BlackRock Inc. now owns 9,501,385 shares of the semiconductor company’s stock worth $1,735,904,000 after purchasing an additional 437,614 shares in the last quarter. 83.44% of the stock is currently owned by institutional investors.
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Several equities research analysts recently weighed in on the stock. Craig Hallum increased their target price on shares of Qorvo from $195.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, May 6th. Piper Sandler increased their target price on shares of Qorvo from $190.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, April 23rd. Barclays increased their target price on shares of Qorvo from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, June 29th. Needham & Company LLC increased their target price on shares of Qorvo from $220.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, May 6th. Finally, Morgan Stanley increased their target price on shares of Qorvo from $210.00 to $223.00 and gave the company an “overweight” rating in a research note on Thursday, May 6th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Qorvo currently has an average rating of “Buy” and an average target price of $200.86.
Shares of QRVO stock opened at $189.59 on Monday. Qorvo has a 52-week low of $112.03 and a 52-week high of $201.68. The company has a market capitalization of $21.09 billion, a PE ratio of 29.86, a PEG ratio of 1.71 and a beta of 1.40. The company has a current ratio of 3.64, a quick ratio of 2.90 and a debt-to-equity ratio of 0.38. The firm has a 50 day simple moving average of $186.75.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, May 5th. The semiconductor company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.51. Qorvo had a net margin of 18.27% and a return on equity of 23.45%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.04 billion. As a group, analysts forecast that Qorvo will post 10.61 EPS for the current year.
About Qorvo
Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.
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