Qorvo Target of Unusually Large Options Trading (NASDAQ:QRVO)

Qorvo, Inc. (NASDAQ:QRVO) was the recipient of unusually large options trading activity on Monday. Stock traders purchased 12,507 call options on the stock. This is an increase of approximately 1,407% compared to the average volume of 830 call options.

Qorvo Stock Performance

NASDAQ:QRVO traded down $1.89 during trading hours on Monday, reaching $88.68. 94,560 shares of the stock were exchanged, compared to its average volume of 1,282,530. The stock has a market capitalization of $7.82 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.41 and a beta of 1.44. The firm has a 50 day simple moving average of $93.88 and a 200-day simple moving average of $86.84. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. Qorvo has a 52 week low of $74.92 and a 52 week high of $109.49.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. The business had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts forecast that Qorvo will post 5.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on QRVO. UBS Group upped their target price on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. TD Cowen reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday. Craig Hallum reissued a “buy” rating and set a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Finally, Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average target price of $94.00.

Insider Activity

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the transaction, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at approximately $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. Corporate insiders own 0.49% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in shares of Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after buying an additional 231 shares during the last quarter. Sound Income Strategies LLC grew its position in shares of Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 343 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Qorvo during the third quarter worth about $36,000. Elevation Wealth Partners LLC lifted its holdings in Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 310 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in Qorvo in the fourth quarter worth about $39,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.