Qorvo Inc (QRVO) was Upgraded by Citigroup to ” Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 57 from a previous price target of $40 . Earlier the firm had a rating of “Sell ” on the company shares. Citigroup advised their investors in a research report released on Jun 9, 2016.
Many Wall Street Analysts have commented on Qorvo Inc. Qorvo Inc was Initiated by Credit Agricole to “Underperform” on May 25, 2016. Company shares were Reiterated by Cowen on May 5, 2016 to “Outperform”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Company shares were Reiterated by Needham on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 53 from a previous price target of $50 .
On the company’s financial health, Qorvo Inc reported $1.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.92. The company had revenue of $608.10 million for the quarter, compared to analysts expectations of $599.32 million. The company’s revenue was down -4.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.11 EPS.
Qorvo Inc opened for trading at $54.92 and hit $55.9 on the upside on Tuesday, eventually ending the session at $55.49, with a gain of 1.24% or 0.68 points. The heightened volatility saw the trading volume jump to 11,85,381 shares. Company has a market cap of $7,077 M.
In a different news, on Jun 7, 2016, James L Klein (VP and Pres. Infra. & Defense) sold 2,768 shares at $55.00 per share price. According to the SEC, on Jun 6, 2016, Robert A Bruggeworth (President and CEO) sold 4,753 shares at $54.00 per share price. On Jan 5, 2016, Steven E Creviston (VP and Pres. Mobile Products) sold 10,000 shares at $50.06 per share price, according to the Form-4 filing with the securities and exchange commission.
Qorvo Inc. provides core technologies and radio frequency (RF) solutions for mobile infrastructure and defense and aerospace applications. The Company offers amplification filtering and switching products for RF microwave and millimeter-wave applications. It serves the mobile device networks infrastructure and defense and aerospace markets. It designs develops manufactures and markets its products to the United States and international original equipment manufacturers and original design manufacturers. Its operating segments include Mobile Products (MP) and Infrastructure and Defense Products (IDP). The MP segment supplies RF solutions that perform various functions in the complex cellular radio front end section of smartphones and other cellular devices. The IDP segment supplies an array of RF solutions to wireless network infrastructure defense and aerospace markets and short-range connectivity applications for commercial consumer industrial and automotive markets.