Qorvo Inc (NASDAQ:QRVO), a leading provider of innovative RF solutions that connect the world, announced the appointment of Mark J. Murphy, 48, as chief financial officer, effective June 6, 2016. Mr. Murphy will report to Bob Bruggeworth, president and chief executive officer of Qorvo, and will succeed Steven J. Buhaly, who previously announced his intention to retire from the company in 2016. Mr. Buhaly will remain in an advisory capacity until July 31, 2016 and will work closely with Mr. Murphy to ensure a seamless transition.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “I am thrilled that Mark will be joining Qorvo as our Chief Financial Officer. Mark brings proven public company finance and operating expertise from several large and complex global companies and will play a critical role in helping us execute our strategic vision for Qorvo’s growth. Mark is experienced in the semiconductor industry and with connectivity trends, and we look forward to his contributions to our continued success.”
Mr. Murphy most recently served as executive vice president and chief financial officer of Delphi Automotive PLC, a high-technology company that integrates safer, greener and more connected solutions for the automotive sector. He joined Delphi from Praxair, Inc., a global industrial gas supplier, where he was president of the U.S. Industrial Gases business and before that, president of Praxair’s Surface Technologies and Electronic Materials division. He previously served as senior vice president and chief financial officer of MEMC Electronic Materials, Inc., vice president and corporate controller of Praxair, president of Praxair’s global Electronics division and vice president of finance for Praxair Asia based in Shanghai. He began his career as an officer in the U.S. Marine Corps and received an MBA from Harvard University and a bachelor’s degree in business administration from Marquette University.
Mr. Murphy said, “I am excited to join Qorvo, and I look forward to working with Bob and the Qorvo team in executing a growth strategy that creates long-term value for shareholders.”
Mr. Bruggeworth added, “Steve Buhaly has made tremendous contributions to Qorvo and on behalf of the company’s Board of Directors, management team and all our worldwide employees, I want to thank Steve for those contributions, especially for his leadership in building the financial and operational infrastructure for the company following its creation in 2015. We are delighted that his retirement will provide Steve with more time for rewarding experiences with his family and friends.” (Original Source)
Shares of Qorvo closed yesterday at $50.65, down $0.33 or -0.65%. QRVO has a 1-year high of $88.35 and a 1-year low of $33.30. The stock’s 50-day moving average is $47.01 and its 200-day moving average is $47.61.
On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report issued on May 24, CLSA analyst Srini Pajjuri initiated coverage with a Sell rating on QRVO and a price target of $53, which represents a slight upside potential from current levels. Separately, on May 23, Brean Murray Carret’s Mike Burton reiterated a Buy rating on the stock and has a price target of $62.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Srini Pajjuri and Mike Burton have a total average return of -7.9% and 11.8% respectively. Pajjuri has a success rate of 42.3% and is ranked #3422 out of 3869 analysts, while Burton has a success rate of 61.7% and is ranked #153.
Overall, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 9 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 $57.44 which is 13.4% above where the stock closed yesterday.
Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters, integrated modules, optical components, oscillators, passives and switches. The company was founded on December 13, 2013 and is headquartered in Greensboro, NC.