Citigroup Increases Qorvo (NASDAQ:QRVO) Price Target to $100.00

Key Points

• Citigroup raised its price target on Qorvo to $100.00 (from $90), maintaining a "neutral" rating and implying about a 12.4% upside from the prior close.
• Analyst views are mixed: JPMorgan also moved its target to $100 (neutral), Barclays upgraded to overweight with a $100 target and Craig Hallum keeps a $120 buy target, but the consensus remains a "Hold" with an average price target of $96.63 (3 Buy, 17 Hold, 1 Sell).
• Qorvo beat quarterly expectations with EPS of $1.69 vs. $1.21 and revenue of $808.3M vs. $801.3M, though revenue was down 7% year-over-year, and the company set FY2027 guidance at about 7.00 EPS.

Qorvo (NASDAQ:QRVO - Get Free Report) had its target price increased by analysts at Citigroup from $90.00 to $100.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. Citigroup's target price suggests a potential upside of 12.40% from the stock's previous close.

A number of other research firms have also issued reports on QRVO. JPMorgan Chase & Co. upped their target price on Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Craig Hallum reissued a "buy" rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a research note on Monday, April 27th. Finally, Zacks Research cut Qorvo from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 16th. Three analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $96.63.

Qorvo Price Performance

NASDAQ QRVO traded up $0.03 during trading hours on Thursday, reaching $88.97. The company's stock had a trading volume of 1,427,879 shares, compared to its average volume of 1,304,486. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.89 and a current ratio of 3.67. The company's 50-day moving average is $81.16 and its two-hundred day moving average is $83.93. Qorvo has a fifty-two week low of $71.64 and a fifty-two week high of $106.30. The stock has a market cap of $8.25 billion, a PE ratio of 24.58, a PEG ratio of 1.52 and a beta of 1.42.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.48. The company had revenue of $808.30 million for the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.10%. The company's revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts forecast that Qorvo will post 5.8 EPS for the current year.

Hedge Funds Weigh In On Qorvo

Several large investors have recently added to or reduced their stakes in QRVO. Dimensional Fund Advisors LP grew its position in Qorvo by 16.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company's stock valued at $168,842,000 after acquiring an additional 311,645 shares during the period. Parallel Advisors LLC raised its holdings in shares of Qorvo by 29.6% in the 1st quarter. Parallel Advisors LLC now owns 1,230 shares of the semiconductor company's stock worth $95,000 after purchasing an additional 281 shares during the period. California Public Employees Retirement System lifted its stake in shares of Qorvo by 3.6% in the 1st quarter. California Public Employees Retirement System now owns 165,667 shares of the semiconductor company's stock valued at $12,823,000 after purchasing an additional 5,716 shares in the last quarter. Kera Capital Partners Inc. lifted its stake in shares of Qorvo by 13.6% in the 1st quarter. Kera Capital Partners Inc. now owns 5,400 shares of the semiconductor company's stock valued at $418,000 after purchasing an additional 645 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Qorvo by 13.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 109,444 shares of the semiconductor company's stock worth $8,471,000 after purchasing an additional 13,313 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

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