Qorvo (NASDAQ:QRVO) Shares Gap Down on Insider Selling

Qorvo, Inc. (NASDAQ:QRVOGet Rating) gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $96.12, but opened at $93.84. Qorvo shares last traded at $95.89, with a volume of 60,166 shares.

Specifically, CEO Robert A. Bruggeworth sold 11,218 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $93.84, for a total value of $1,052,697.12. Following the completion of the transaction, the chief executive officer now owns 178,806 shares of the company’s stock, valued at $16,779,155.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Robert A. Bruggeworth sold 11,218 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $93.84, for a total value of $1,052,697.12. Following the completion of the transaction, the chief executive officer now owns 178,806 shares of the company’s stock, valued at $16,779,155.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Paul J. Fego sold 4,304 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $95.00, for a total value of $408,880.00. Following the completion of the transaction, the senior vice president now directly owns 33,070 shares of the company’s stock, valued at approximately $3,141,650. The disclosure for this sale can be found here. Insiders sold a total of 32,585 shares of company stock valued at $3,009,703 over the last quarter. 0.45% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

QRVO has been the topic of several research reports. StockNews.com initiated coverage on Qorvo in a report on Thursday, May 18th. They set a “hold” rating on the stock. Piper Sandler boosted their price target on Qorvo from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, February 2nd. Susquehanna upped their target price on Qorvo from $100.00 to $105.00 in a report on Thursday, May 4th. Citigroup upped their target price on Qorvo from $94.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, February 3rd. Finally, Raymond James initiated coverage on Qorvo in a report on Wednesday, March 1st. They issued an “outperform” rating and a $120.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $108.78.

Qorvo Price Performance

The company has a quick ratio of 2.22, a current ratio of 3.65 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $94.93 and a two-hundred day moving average price of $97.37. The company has a market capitalization of $9.40 billion, a price-to-earnings ratio of 102.30, a price-to-earnings-growth ratio of 3.77 and a beta of 1.45.

Qorvo (NASDAQ:QRVOGet Rating) last announced its quarterly earnings results on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.13. Qorvo had a return on equity of 12.53% and a net margin of 2.89%. The business had revenue of $632.70 million during the quarter, compared to the consensus estimate of $621.35 million. During the same quarter in the prior year, the company posted $3.03 earnings per share. Qorvo’s revenue was down 45.7% compared to the same quarter last year. As a group, research analysts anticipate that Qorvo, Inc. will post 3.89 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Qorvo by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock valued at $1,513,630,000 after purchasing an additional 58,395 shares during the period. Baupost Group LLC MA grew its stake in Qorvo by 11.8% in the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock valued at $824,733,000 after purchasing an additional 699,968 shares during the period. State Street Corp grew its stake in Qorvo by 0.3% in the 1st quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock valued at $595,916,000 after purchasing an additional 16,097 shares during the period. FIL Ltd grew its stake in Qorvo by 23.3% in the 1st quarter. FIL Ltd now owns 2,459,469 shares of the semiconductor company’s stock valued at $249,808,000 after purchasing an additional 464,185 shares during the period. Finally, Geode Capital Management LLC grew its stake in Qorvo by 0.3% in the 1st quarter. Geode Capital Management LLC now owns 2,151,025 shares of the semiconductor company’s stock valued at $217,996,000 after purchasing an additional 5,396 shares during the period. Institutional investors own 86.47% of the company’s stock.

About Qorvo

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

Further Reading

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