Qorvo (NASDAQ:QRVO) Price Target Raised to $142.00

Qorvo (NASDAQ:QRVO) had its price target boosted by Craig Hallum from $124.00 to $142.00 in a research note published on Wednesday, Marketbeat Ratings reports. The firm currently has a buy rating on the semiconductor company’s stock.

QRVO has been the subject of a number of other research reports. Mizuho reduced their price target on Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. StockNews.com upgraded Qorvo from a hold rating to a buy rating in a research report on Wednesday, July 24th. The Goldman Sachs Group cut their target price on Qorvo from $117.00 to $105.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Needham & Company LLC reiterated a buy rating and set a $110.00 target price on shares of Qorvo in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. cut their target price on Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $120.83.

Qorvo Stock Performance

Qorvo stock opened at $107.93 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo has a one year low of $80.62 and a one year high of $130.99. The stock has a fifty day moving average of $113.66 and a 200 day moving average of $110.72.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating 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 14.92% and a negative net margin of 0.66%. Qorvo’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. Analysts forecast that Qorvo will post 5.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 2,132 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $211,728.92. Following the transaction, the senior vice president now directly owns 25,201 shares in the company, valued at approximately $2,502,711.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Qorvo news, SVP Paul J. Fego sold 2,132 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $211,728.92. Following the transaction, the senior vice president now directly owns 25,201 shares in the company, valued at approximately $2,502,711.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock worth $4,517,858 in the last ninety days. 0.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in QRVO. Norges Bank purchased a new position in shares of Qorvo in the 4th quarter valued at $118,120,000. Balyasny Asset Management L.P. increased its holdings in shares of Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after acquiring an additional 529,309 shares during the period. Panagora Asset Management Inc. increased its holdings in shares of Qorvo by 119.4% in the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after acquiring an additional 316,172 shares during the period. KBC Group NV boosted its position in shares of Qorvo by 3,169.2% in the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock worth $33,674,000 after purchasing an additional 289,885 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Qorvo by 177.4% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after purchasing an additional 272,872 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.