Qorvo Inc (NASDAQ:QRVO) – Investment analysts at KeyCorp cut their Q3 2019 earnings estimates for shares of Qorvo in a report issued on Tuesday, November 13th, according to Zacks Investment Research. KeyCorp analyst J. Vinh now expects that the semiconductor company will post earnings per share of $1.56 for the quarter, down from their prior forecast of $1.80. KeyCorp has a “Overweight” rating and a $80.00 price objective on the stock.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business had revenue of $884.40 million during the quarter, compared to analysts’ expectations of $855.57 million. During the same period in the prior year, the company earned $1.52 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year.

Several other research analysts have also recently issued reports on the stock. Susquehanna Bancshares assumed coverage on shares of Qorvo in a report on Friday. They set a “neutral” rating and a $70.00 price target for the company. Cowen reissued a “market perform” rating and set a $71.00 price target (down from $75.00) on shares of Qorvo in a report on Thursday, November 29th. BidaskClub raised shares of Qorvo from a “sell” rating to a “hold” rating in a report on Wednesday, November 28th. Craig Hallum cut their price target on shares of Qorvo from $76.00 to $74.00 and set a “hold” rating for the company in a report on Monday, November 19th. Finally, Zacks Investment Research cut shares of Qorvo from a “buy” rating to a “sell” rating in a report on Thursday, November 15th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $80.38.

NASDAQ QRVO traded down $1.59 during trading hours on Thursday, hitting $61.13. 1,104,737 shares of the stock were exchanged, compared to its average volume of 1,642,942. The stock has a market capitalization of $7.83 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.07 and a beta of 0.88. Qorvo has a 12-month low of $60.79 and a 12-month high of $86.84. The company has a quick ratio of 2.48, a current ratio of 3.50 and a debt-to-equity ratio of 0.16.

Hedge funds have recently added to or reduced their stakes in the company. BlueMountain Capital Management LLC acquired a new stake in shares of Qorvo in the second quarter valued at approximately $1,308,000. Dimensional Fund Advisors LP grew its position in shares of Qorvo by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,191,360 shares of the semiconductor company’s stock valued at $95,517,000 after purchasing an additional 6,134 shares during the last quarter. Systematic Financial Management LP grew its position in shares of Qorvo by 13.6% in the second quarter. Systematic Financial Management LP now owns 176,830 shares of the semiconductor company’s stock valued at $14,176,000 after purchasing an additional 21,137 shares during the last quarter. Aperio Group LLC grew its position in shares of Qorvo by 4.5% in the third quarter. Aperio Group LLC now owns 34,938 shares of the semiconductor company’s stock valued at $2,686,000 after purchasing an additional 1,508 shares during the last quarter. Finally, Highland Capital Management LLC acquired a new stake in shares of Qorvo in the second quarter valued at approximately $1,034,000. Institutional investors and hedge funds own 94.46% of the company’s stock.

In other news, Director John R. Harding sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $70.61, for a total value of $211,830.00. Following the sale, the director now directly owns 5,669 shares in the company, valued at $400,288.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 5,000 shares of the stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $63.92, for a total transaction of $319,600.00. Following the completion of the sale, the chief executive officer now owns 178,872 shares in the company, valued at $11,433,498.24. The disclosure for this sale can be found here. Insiders have sold 32,449 shares of company stock worth $2,295,575 over the last 90 days. 0.85% of the stock is currently owned by company insiders.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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