Loop Capital Forecasts Strong Price Appreciation for Qorvo (NASDAQ:QRVO) Stock

Qorvo (NASDAQ:QRVO) had its price target increased by stock analysts at Loop Capital from $80.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Loop Capital’s price objective suggests a potential upside of 4.61% from the stock’s previous close.

Several other brokerages also recently commented on QRVO. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $85.00 to $110.00 in a research note on Monday. Craig Hallum reduced their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Stifel Nicolaus cut their price target on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a report on Wednesday. Finally, TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.84.

Qorvo Stock Performance

Shares of Qorvo stock traded up $0.25 during midday trading on Wednesday, hitting $86.03. The company had a trading volume of 5,787,145 shares, compared to its average volume of 3,948,901. The business’s 50 day simple moving average is $73.00 and its two-hundred day simple moving average is $91.88. The stock has a market cap of $8.13 billion, a PE ratio of -58.92, a P/E/G ratio of 6.98 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo has a 1-year low of $64.54 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company earned $1.99 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Pacer Advisors Inc. increased its position in shares of Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after purchasing an additional 101,742 shares during the period. KBC Group NV increased its position in shares of Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after purchasing an additional 637,087 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares during the period. Van ECK Associates Corp increased its position in shares of Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after purchasing an additional 160,534 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of Qorvo by 377.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after purchasing an additional 645,829 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.