Dallas, Texas 01/07/2014 (FINANCIALSTRENDS) – RF Micro Devices, Inc. (NASDAQ:RFMD), the $1.37 billion market capped firm which specializes in the design and manufacture of radio frequency solutions. On January 2, the firm reported through statuary and mandatory filings to SEC that its CEO Robert Bruggeworth had sold close to 50,000 shares of RF Micro Devices, Inc. (NASDAQ:RFMD) on the open market for sale price of $5.08 per share. From this transaction, the CEO has raised close to $2,54,000 and still holds close to 1.2 million shares of the stock.
The selling of substantive numbers of the stock by the CEO has to be seen in context to the recent negative press and poor analysts comments that the firm has been attracting over the past few weeks. Rating agency Thomson Reuters had downgraded RF Micro Devices, Inc. (NASDAQ:RFMD) from its previous rating of Buy to Hold on December 30. Similarly Zacks had downgraded the firm shares to neutral from its previous recommendation of outperform earlier in November. The consensus price target on the stock is $6.5 per share.
Since the news of the CEO selling his shares got out, the markets reacted by exiting the stock all through last week. The stock has shed close to 6 percent during trading in the past one week and these losses extend to 18.6 percent when one considers the past 90 days time frame. At these depreciated values, the stock is trading 21 percent lower than its prior 52 week high price points and just 12.7 percent above its 52 week low price point. In the past year, the stock has been range bound between $4.3 and $6.2 per share.
RF Micro Devices, Inc. (NASDAQ:RFMD) in the past 12 months has posted sales of $1.16 billion and has accumulated net losses of $10 million.
