Qorvo (QRVO) Shares Gap Down on Insider Selling

Qorvo, Inc. (NASDAQ:QRVO) shares gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $73.56, but opened at $71.78. Qorvo shares last traded at $70.10, with a volume of 3571480 shares trading hands.

Specifically, Director Jeffery R. Gardner sold 1,700 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $71.95, for a total value of $122,315.00. Following the sale, the director now directly owns 33,046 shares of the company’s stock, valued at approximately $2,377,659.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James L. Klein sold 2,211 shares of the company’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $74.76, for a total transaction of $165,294.36. Following the completion of the sale, the vice president now directly owns 42,604 shares in the company, valued at $3,185,075.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,536 shares of company stock worth $4,963,880. 0.91% of the stock is owned by insiders.

Several analysts have recently commented on the stock. BidaskClub raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Drexel Hamilton reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Qorvo in a report on Thursday, November 2nd. Craig Hallum downgraded shares of Qorvo from a “buy” rating to a “hold” rating and dropped their price objective for the company from $78.00 to $71.00 in a report on Thursday, November 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $84.00 price objective on shares of Qorvo in a report on Thursday, November 2nd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, October 11th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company’s stock. Qorvo has a consensus rating of “Hold” and a consensus price target of $76.74.

The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71. The firm has a market capitalization of $9,205.52, a PE ratio of 18.10, a price-to-earnings-growth ratio of 1.22 and a beta of 1.02.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.52. The company had revenue of $821.60 million during the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. research analysts predict that Qorvo, Inc. will post 4.74 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of QRVO. Penserra Capital Management LLC acquired a new position in Qorvo during the third quarter worth $130,000. Federated Investors Inc. PA raised its position in shares of Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 90 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Qorvo by 79.9% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 1,000 shares during the last quarter. Advisor Group Inc. raised its position in shares of Qorvo by 5.1% in the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 126 shares during the last quarter. Finally, Global X Management Co. LLC raised its position in shares of Qorvo by 400.9% in the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after buying an additional 2,237 shares during the last quarter. Institutional investors own 96.74% of the company’s stock.

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Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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