Qorvo Inc (NASDAQ:QRVO) Short Interest Update

Qorvo Inc (NASDAQ:QRVO) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 3,956,000 shares, a decline of 10.4% from the June 30th total of 4,416,100 shares. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is currently 2.6 days. Currently, 3.2% of the shares of the company are sold short.

In other news, insider Robert A. Bruggeworth sold 17,292 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $71.05, for a total value of $1,228,596.60. Following the completion of the sale, the insider now directly owns 193,002 shares of the company’s stock, valued at approximately $13,712,792.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Roderick Nelson sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $69.03, for a total transaction of $34,515.00. Following the completion of the sale, the director now directly owns 4,782 shares of the company’s stock, valued at $330,101.46. The disclosure for this sale can be found here. Insiders have sold a total of 22,120 shares of company stock valued at $1,551,201 over the last three months. 0.71% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of QRVO. Neuberger Berman Group LLC bought a new stake in shares of Qorvo during the 1st quarter valued at about $54,992,000. Thompson Siegel & Walmsley LLC bought a new stake in shares of Qorvo in the 1st quarter worth approximately $43,431,000. Renaissance Technologies LLC grew its position in shares of Qorvo by 755.1% in the 2nd quarter. Renaissance Technologies LLC now owns 529,306 shares of the semiconductor company’s stock worth $35,257,000 after buying an additional 467,406 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Qorvo by 13,099.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 406,944 shares of the semiconductor company’s stock worth $27,107,000 after buying an additional 403,861 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Qorvo in the 2nd quarter worth approximately $20,590,000. Institutional investors and hedge funds own 93.85% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd. Raymond James lifted their price objective on Qorvo from $70.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Craig Hallum reissued a “buy” rating and set a $85.00 price objective (up previously from $75.00) on shares of Qorvo in a research report on Friday, August 2nd. Canaccord Genuity restated a “buy” rating and set a $76.00 target price (down previously from $87.00) on shares of Qorvo in a research note on Tuesday, May 21st. Finally, DA Davidson upgraded Qorvo from a “sell” rating to a “neutral” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. Fourteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $76.86.

QRVO stock traded up $0.33 during mid-day trading on Thursday, hitting $70.11. 991,643 shares of the company were exchanged, compared to its average volume of 1,403,482. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.30 and a current ratio of 3.44. The firm has a market cap of $8.38 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.71 and a beta of 1.09. The firm’s 50 day simple moving average is $70.80 and its 200 day simple moving average is $69.44. Qorvo has a 1-year low of $54.74 and a 1-year high of $82.60.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.95 by $0.23. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The firm had revenue of $775.60 million for the quarter, compared to the consensus estimate of $738.98 million. During the same period last year, the company posted $0.96 EPS. The business’s quarterly revenue was up 12.0% on a year-over-year basis. On average, equities research analysts predict that Qorvo will post 4.3 EPS for the current fiscal year.

About Qorvo

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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