Qorvo Inc (NASDAQ:QRVO), a leading provider of core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications, today announced it has completed its $200 million share repurchase program authorized by its Board of Directors in February 2015. Under theFebruary 2015 share repurchase program, Qorvo repurchased approximately 3.1 million shares of common stock at an average price of $63.80 per share.
The Company also announced that its Board of Directors has authorized a new share repurchase program to repurchase up to $400 million of the Company’s common stock.
Bob Bruggeworth, president and CEO of Qorvo, said, “Qorvo has excellent long-term growth prospects, a healthy balance sheet and the ability to generate increasing free cash flow. The Qorvo Board of Directors and management team believe the repurchase of our common stock is an excellent use of capital that creates additional value for our stockholders.”
Under the new share repurchase program, share repurchases will be made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which Qorvo repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations.
The program does not require Qorvo to repurchase a minimum number of shares, and it may be modified, suspended or terminated at any time without prior notice. (Original Source)
Shares of Qorvo closed yesterday at $54.53. QRVO has a 1-year high of $85.63 and a 1-year low of $53.17. The stock’s 50-day moving average is $72.93 and its 200-day moving average is $74.35.
On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report issued on July 30, Ascendiant Capital analyst Cody Acree maintained a Buy rating on QRVO, with a price target of $80, which represents a potential upside of 46.7% from where the stock is currently trading. Separately, on the same day, Brean Murray Carret’s Mike Burton maintained a Buy rating on the stock and has a price target of $80.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cody Acree and Mike Burton have a total average return of 23.9% and 13.4% respectively. Acree has a success rate of 50.9% and is ranked #227 out of 3729 analysts, while Burton has a success rate of 50.6% and is ranked #397.
Overall, 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $90.79 which is 66.5% above where the stock closed yesterday.
Qorvo Inc is a provider of technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.