Qorvo Inc (NASDAQ:QRVO) Short Interest Update

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Qorvo Inc (NASDAQ:QRVO) was the recipient of a significant decline in short interest during 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 days-to-cover ratio is currently 2.6 days. Currently, 3.2% of the company’s stock are short sold.

Several research analysts have recently weighed in on the company. BidaskClub upgraded Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Cowen restated a “market perform” rating and issued a $75.00 price target (up previously from $65.00) on shares of Qorvo in a research note on Friday, August 2nd. Mizuho set a $70.00 price target on Qorvo and gave the stock a “hold” rating in a research note on Friday, August 2nd. UBS Group boosted their price target on Qorvo from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Canaccord Genuity restated a “buy” rating and issued a $76.00 price target (down previously from $87.00) on shares of Qorvo in a research note on Tuesday, May 21st. Fourteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $76.86.

Qorvo stock traded up $0.33 during mid-day trading on Thursday, reaching $70.11. 991,643 shares of the stock traded hands, compared to its average volume of 1,403,482. The stock has a market capitalization of $8.38 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 1.71 and a beta of 1.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.44 and a quick ratio of 2.30. Qorvo has a 12-month low of $54.74 and a 12-month high of $82.60. The business’s 50-day moving average is $70.80 and its 200-day moving average is $69.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.23. The company had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. Qorvo had a return on equity of 15.77% and a net margin of 6.39%. Qorvo’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 earnings per share. Equities analysts anticipate that Qorvo will post 4.3 EPS for the current fiscal year.

In other news, Director Roderick Nelson sold 500 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $69.85, for a total value of $34,925.00. Following the completion of the transaction, the director now owns 4,782 shares in the company, valued at $334,022.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 17,292 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $71.05, for a total value of $1,228,596.60. Following the completion of the transaction, the insider now owns 193,002 shares of the company’s stock, valued at approximately $13,712,792.10. The disclosure for this sale can be found here. Insiders sold 22,120 shares of company stock valued at $1,551,201 in the last 90 days. Company insiders own 0.71% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Arlington Partners LLC purchased a new position in Qorvo in the second quarter valued at about $29,000. Pearl River Capital LLC acquired a new stake in shares of Qorvo during the second quarter valued at approximately $42,000. Quantamental Technologies LLC acquired a new stake in shares of Qorvo during the second quarter valued at approximately $42,000. CSat Investment Advisory L.P. raised its holdings in shares of Qorvo by 60.9% during the second quarter. CSat Investment Advisory L.P. now owns 806 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 305 shares during the period. Finally, NEXT Financial Group Inc raised its holdings in shares of Qorvo by 63.5% during the second quarter. NEXT Financial Group Inc now owns 868 shares of the semiconductor company’s stock valued at $58,000 after acquiring an additional 337 shares during the period. Institutional investors own 93.85% of the company’s stock.

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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