Qorvo (NASDAQ:QRVO) Price Target Raised to $90.00 at Barclays

Key Points

• Barclays has raised its price target for Qorvo (NASDAQ:QRVO) from $70.00 to $90.00, indicating a potential upside of 5.38% from its current price.
• Other analysts have varied evaluations of Qorvo, with Piper Sandler setting a target of $125.00 and Citigroup maintaining a "sell" rating.
• Qorvo recently reported an EPS of $0.92 for the last quarter, exceeding expectations, although its revenue declined by 7.7% year-over-year.

Qorvo (NASDAQ:QRVO - Get Free Report) had its target price boosted by Barclays from $70.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the semiconductor company's stock. Barclays's price target suggests a potential upside of 7.00% from the stock's current price.

A number of other brokerages also recently weighed in on QRVO. Citigroup reiterated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. UBS Group lifted their target price on Qorvo from $75.00 to $95.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Benchmark upped their price objective on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday. Wall Street Zen downgraded shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, TD Cowen increased their price objective on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $95.35.

Qorvo Stock Performance

QRVO stock traded up $0.51 during midday trading on Wednesday, reaching $84.11. 2,343,204 shares of the company were exchanged, compared to its average volume of 2,016,999. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of 98.95, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. Qorvo has a one year low of $49.46 and a one year high of $117.90. The business has a 50-day moving average price of $83.24 and a two-hundred day moving average price of $76.18.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.30. The firm had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The company's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. Equities research analysts forecast that Qorvo will post 4.09 EPS for the current year.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director directly owned 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently made changes to their positions in the stock. City Holding Co. purchased a new position in Qorvo in the first quarter valued at approximately $25,000. Banque Transatlantique SA acquired a new stake in shares of Qorvo in the 1st quarter valued at about $27,000. Larson Financial Group LLC increased its holdings in shares of Qorvo by 222.6% in the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 296 shares during the last quarter. Huntington National Bank increased its stake in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Finally, Curat Global LLC acquired a new stake in Qorvo during the first quarter worth about $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

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.