Qorvo (NASDAQ:QRVO) PT Raised to $115.00

Qorvo (NASDAQ:QRVO) had its price target boosted by JPMorgan Chase & Co. from $100.00 to $115.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has an underweight rating on the semiconductor company’s stock.

Several other brokerages have also recently commented on QRVO. Piper Sandler reissued a neutral rating and set a $120.00 price target (up from $105.00) on shares of Qorvo in a research report on Wednesday. Barclays upped their price objective on Qorvo from $100.00 to $125.00 and gave the company an equal weight rating in a research note on Tuesday. Rosenblatt Securities upped their price objective on Qorvo from $105.00 to $120.00 and gave the company a neutral rating in a research note on Wednesday. Raymond James upped their price objective on Qorvo from $115.00 to $135.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Mizuho dropped their price objective on Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $120.83.

Qorvo Price Performance

QRVO stock opened at $119.80 on Wednesday. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average of $112.78 and a 200-day moving average of $110.62. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.73% and a negative net margin of 0.66%. The firm had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The business’s quarterly revenue was up 36.2% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo will post 5.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John R. Harding sold 941 shares of Qorvo stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Harding sold 941 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at $676,652. The disclosure for this sale can be found here. Insiders sold a total of 45,372 shares of company stock valued at $4,517,858 in the last three months. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System boosted its stake in Qorvo by 1.2% during the 4th quarter. State of Michigan Retirement System now owns 32,619 shares of the semiconductor company’s stock valued at $3,673,000 after purchasing an additional 400 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Qorvo in the 4th quarter worth approximately $1,319,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Qorvo by 4.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 9,679 shares of the semiconductor company’s stock worth $1,092,000 after buying an additional 417 shares during the last quarter. Narwhal Capital Management purchased a new position in shares of Qorvo in the 4th quarter worth approximately $234,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Qorvo by 8.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,467 shares of the semiconductor company’s stock worth $278,000 after buying an additional 200 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Company Profile

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.