Qorvo (NASDAQ:QRVO) Shares Gap Up – Here’s What Happened

Qorvo, Inc. (NASDAQ:QRVO)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $73.59, but opened at $78.00. Qorvo shares last traded at $83.26, with a volume of 2,152,628 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QRVO. UBS Group cut their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Mizuho cut their price target on shares of Qorvo from $98.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Craig Hallum cut their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Wednesday, October 30th. Finally, StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $98.47.

Qorvo Trading Up 12.4 %

The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The stock’s 50 day moving average price is $69.81 and its 200-day moving average price is $94.10. The stock has a market capitalization of $7.82 billion, a P/E ratio of -56.66, a P/E/G ratio of 5.74 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the firm earned $1.99 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities research analysts expect that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GDS Wealth Management purchased a new position in shares of Qorvo in the third quarter worth $2,171,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Qorvo in the third quarter worth $2,507,000. Quest Partners LLC raised its holdings in shares of Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after buying an additional 9,678 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Qorvo in the third quarter worth $1,211,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.