Company Update (NASDAQ:QRVO): Qorvo Inc Appoints Sue Spradley to Its Board of Directors


Qorvo Inc (NASDAQ:QRVO) announced the election of Susan L. Spradley to its Board of Directors, effective January 1, 2017. Ms. Spradley will also join the Board’s governance and nominating committee.

Ms. Spradley has substantial senior management experience in the communications industry, most recently as Executive Vice President and General Manager—Network and Service Enablement for Viavi Solutions (formerly JDS Uniphase). Previously, she served in a variety of leadership positions with global telecommunications companies, including Nokia Siemens Networks and Nortel, and was a member of the board of directors of EXFO Inc., a provider of test and service assurance solutions for communications network operators and OEMs.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “I am delighted that Sue will be joining our Board of Directors. She brings broad operating experience in sales, product portfolio management and R&D for multiple global communications-related companies, and we look forward to her insights and contributions to our Board.”

“Qorvo is recognized globally for advancing innovation and functional integration in the increasingly complex market for RF solutions,” said Ms. Spradley. “I am excited to join Qorvo’s Board, and I look forward to working with Bob and my fellow directors in driving Qorvo’s growth strategy to create long-term value for its shareholders.” (Original Source)

Shares of Qorvo Inc closed today at $55.10, up $0.11 or +0.20%. QRVO has a 1-year high of $64.80 and a 1-year low of $33.30. The stock’s 50-day moving average is $54.06 and its 200-day moving average is $55.53.

On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report released yesterday, Brean Murray Carret analyst Mike Burton reiterated a Buy rating on QRVO. Separately, on December 13, Canaccord Genuity’s Michael Walkley reiterated a Buy rating on the stock and has a price target of $67.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Burton and Michael Walkley have a yearly average return of 12.9% and 14.7% respectively. Burton has a success rate of 69% and is ranked #87 out of 4289 analysts, while Walkley has a success rate of 63% and is ranked #31.

Overall, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 8 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 $62.50 which is 12.7% above where the stock opened today.

Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. The company operates through two segments: Mobile Products, Infrastructure and Defense Products. The Mobile Products segment supplies of RF solutions that perform various functions in the increasingly complex cellular radio front end section of smartphones and other cellular devices. The Infrastructure and Defense Products segment supplier of RF solutions that support diverse global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, rapid internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters, integrated modules, optical components, oscillators, passives and switches.