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

Qorvo, Inc. (NASDAQ:QRVO – Get Rating) shares 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 17,063 shares of Qorvo stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $90.73, for a total value of $1,548,125.99. Following the completion of the transaction, the chief executive officer now owns 190,024 shares in the company, valued at approximately $17,240,877.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Paul J. Fego sold 4,304 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $95.00, for a total value of $408,880.00. Following the completion of the sale, the senior vice president now directly owns 33,070 shares in the company, valued at $3,141,650. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 17,063 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $90.73, for a total value of $1,548,125.99. Following the completion of the sale, the chief executive officer now owns 190,024 shares of the company’s stock, valued at $17,240,877.52. The disclosure for this sale can be found here. Insiders sold a total of 32,585 shares of company stock worth $3,009,703 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. BMO Capital Markets upped their price target on Qorvo from $105.00 to $110.00 in a research note on Thursday, May 4th. Raymond James assumed coverage on Qorvo in a research note on Wednesday, March 1st. They set an “outperform” rating and a $120.00 price target on the stock. StockNews.com assumed coverage on Qorvo in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Morgan Stanley upped their price target on Qorvo from $87.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. Finally, Craig Hallum increased their price objective on Qorvo from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average target price of $108.78.

Qorvo Stock Performance

The firm has a fifty day simple moving average of $94.93 and a 200-day simple moving average of $97.37. The company has a market cap of $9.40 billion, a PE ratio of 102.30, a price-to-earnings-growth ratio of 3.77 and a beta of 1.45. The company has a quick ratio of 2.22, a current ratio of 3.65 and a debt-to-equity ratio of 0.52.

Qorvo (NASDAQ:QRVO – Get Rating) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.13. Qorvo had a net margin of 2.89% and a return on equity of 12.53%. 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 firm earned $3.03 earnings per share. The business’s quarterly revenue was down 45.7% compared to the same quarter last year. On average, research analysts forecast that Qorvo, Inc. will post 3.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently made changes to their positions in QRVO. Ronald Blue Trust Inc. boosted its stake in shares of Qorvo by 267.8% during the fourth quarter. Ronald Blue Trust Inc. now owns 320 shares of the semiconductor company’s stock worth $26,000 after buying an additional 233 shares during the period. Parkside Financial Bank & Trust lifted its position in Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 116 shares during the period. Resurgent Financial Advisors LLC acquired a new stake in Qorvo in the fourth quarter valued at about $34,000. International Assets Investment Management LLC acquired a new stake in Qorvo in the first quarter valued at about $40,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Qorvo in the first quarter valued at about $45,000. Institutional investors and hedge funds own 86.47% of the company’s stock.

Qorvo Company Profile

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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.