Raymond James Raises Qorvo (NASDAQ:QRVO) Price Target to $135.00

Qorvo (NASDAQ:QRVO) had its price objective increased by Raymond James from $115.00 to $135.00 in a report released on Wednesday, Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

A number of other analysts have also recently weighed in on the stock. Rosenblatt Securities boosted their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a neutral rating in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a research note on Thursday, May 2nd. Piper Sandler reiterated a neutral rating and set a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday. Craig Hallum upped their target price on shares of Qorvo from $124.00 to $142.00 and gave the company a buy rating in a research note on Wednesday. Finally, Barclays upped their target price on shares of Qorvo from $100.00 to $125.00 and gave the company an equal weight rating in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Qorvo currently has a consensus rating of Hold and a consensus target price of $121.00.

Qorvo Price Performance

Shares of Qorvo stock opened at $107.93 on Wednesday. The firm has a fifty day simple moving average of $113.66 and a 200-day simple moving average of $110.79. 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 1-year low of $80.62 and a 1-year high of $130.99. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of -147.85, a PEG ratio of 1.29 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data 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. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. During the same period in the previous year, the company earned $0.03 earnings per share. Qorvo’s revenue for the quarter was up 36.2% on a year-over-year basis. On average, sell-side analysts expect that Qorvo will post 5.02 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the sale, the chief executive officer now owns 190,161 shares of the company’s stock, valued at approximately $19,016,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John R. Harding sold 941 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at approximately $676,652. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now owns 190,161 shares in the company, valued at approximately $19,016,100. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,372 shares of company stock valued at $4,517,858. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in Qorvo by 2.1% during the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after buying an additional 93,068 shares in the last quarter. FIL Ltd lifted 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 buying an additional 120,213 shares in the last quarter. Boston Partners lifted its position in Qorvo by 0.5% during the 4th 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 during the period. Norges Bank acquired a new position in Qorvo during the 4th quarter valued at about $118,120,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Qorvo by 2.6% during 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 purchasing an additional 22,951 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.