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 $400 million share repurchase program authorized by its Board of Directors in August 2015.
Under the August 2015 share repurchase program, Qorvo repurchased approximately 7.3 million shares of common stock at an average price of $54.75 per share. Since February 2015, Qorvo has repurchased approximately $600 million of its common stock, with approximately $500 million expended in the September 2015 quarter.
Bob Bruggeworth, president and CEO of Qorvo, said, “Qorvo repurchased $500 million of our common stock over a period of approximately thirty days. The Qorvo management team and board of directors believe that the rapid completion of this repurchase program is indicative of Qorvo’s strong free cash flow and underscores our commitment to building stockholder value.” (Original Source)
Shares of Qorvo Inc closed yesterday at $56.55. QRVO has a 1-year high of $59.45 and a 1-year low of $56.05. The stock’s 50-day moving average is $57.98 and its 200-day moving average is $72.17.
On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report issued on August 13, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on QRVO, with a price target of $77, which implies an upside of 36.2% from current levels. Separately, on July 30, Ascendiant Capital’s Cody Acree 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, Michael Walkley and Cody Acree have a total average return of 17.3% and 16.6% respectively. Walkley has a success rate of 58.5% and is ranked #20 out of 3752 analysts, while Acree has a success rate of 47.4% and is ranked #342.
The street is mostly Bullish on QRVO stock. Out of 7 analysts who cover the stock, 7 suggest a Buy rating . The 12-month average price target assigned to the stock is $78.71, which implies an upside of 39% from current levels.
Qorvo Inc is a provider of technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.