Qorvo (NASDAQ:QRVO) PT Raised to $118.00

Qorvo (NASDAQ:QRVO) had its price objective hoisted by equities research analysts at The Goldman Sachs Group from $105.00 to $118.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 4.50% from the stock’s current price.

A number of other analysts have also issued reports on QRVO. Susquehanna decreased their price target on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Wednesday. Mizuho cut their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Rosenblatt Securities lifted their price target on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday. TD Cowen raised their target price on shares of Qorvo from $110.00 to $125.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Needham & Company LLC upped their price target on shares of Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $119.17.

Qorvo Price Performance

Shares of QRVO traded down $6.54 during mid-day trading on Wednesday, reaching $112.92. 866,733 shares of the company’s stock were exchanged, compared to its average volume of 1,344,128. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a market cap of $10.73 billion, a price-to-earnings ratio of -154.79, a PEG ratio of 1.18 and a beta of 1.46. The company has a 50-day simple moving average of $112.78 and a two-hundred day simple moving average of $110.62.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, sell-side analysts predict that Qorvo will post 5.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total value of $472,100.00. Following the sale, the chief executive officer now owns 205,440 shares in the company, valued at approximately $20,544,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now directly owns 205,440 shares in the company, valued at approximately $20,544,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John R. Harding sold 941 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the sale, the director now owns 6,950 shares in the company, valued at approximately $676,652. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock worth $4,517,858. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Qorvo

Several large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after purchasing an additional 93,068 shares during the last quarter. FIL Ltd boosted its position in Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after acquiring an additional 120,213 shares during the period. Boston Partners raised its stake in shares of Qorvo by 0.5% during the fourth quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after purchasing an additional 6,558 shares in the last quarter. Norges Bank acquired a new stake in Qorvo in the fourth quarter worth about $118,120,000. Finally, Charles Schwab Investment Management Inc. grew its position in Qorvo by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock valued at $103,159,000 after buying an additional 22,951 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.