Qorvo Sees Unusually High Options Volume (NASDAQ:QRVO)

Qorvo, Inc. (NASDAQ:QRVO) was the recipient of some unusual options trading on Monday. Stock traders acquired 3,159 call options on the stock. This is an increase of approximately 206% compared to the typical daily volume of 1,031 call options.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock valued at $4,517,858 in the last 90 days. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of institutional investors and hedge funds have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo in the 2nd quarter worth $88,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Qorvo by 549.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 61,650 shares of the semiconductor company’s stock worth $7,154,000 after purchasing an additional 52,159 shares in the last quarter. State of Michigan Retirement System increased its holdings in shares of Qorvo by 0.6% in the 2nd quarter. State of Michigan Retirement System now owns 32,619 shares of the semiconductor company’s stock worth $3,785,000 after purchasing an additional 200 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Qorvo by 11.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 3,744 shares of the semiconductor company’s stock worth $434,000 after purchasing an additional 397 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Qorvo by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 691,229 shares of the semiconductor company’s stock worth $80,210,000 after purchasing an additional 35,232 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on QRVO shares. The Goldman Sachs Group cut their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Mizuho cut their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Benchmark cut their price objective on Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. cut their price objective on Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Finally, StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $112.94.

Qorvo Stock Up 0.8 %

NASDAQ:QRVO traded up $1.01 during trading hours on Monday, reaching $123.02. 321,410 shares of the company traded hands, compared to its average volume of 1,331,125. The business’s 50-day moving average price is $111.88 and its two-hundred day moving average price is $110.36. The stock has a market capitalization of $11.69 billion, a P/E ratio of -167.14, a P/E/G ratio of 1.18 and a beta of 1.46. Qorvo has a 1 year low of $80.62 and a 1 year high of $130.99. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The firm’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share. Analysts predict that Qorvo will post 5.16 earnings per share for the current year.

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.