Qorvo (NASDAQ:QRVO) Sets New 52-Week High - Time to Buy?

Key Points

• Qorvo shares reached a new 52-week high of $114.28, trading 6.8% higher at approximately $112.36. The stock’s valuation is above its moving averages, with a market capitalization of about $9.91 billion.
• Qorvo exceeded quarterly expectations, reporting $1.64 in earnings per share versus the $1.11 consensus and revenue of $784.79 million versus $743.28 million expected. However, revenue declined 4.2% year over year.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and a consensus price target of $94, well below its current price. Insiders have also sold nearly 55,000 shares worth approximately $5.46 million over the past three months.

Shares of Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $114.28 and last traded at $112.36, with a volume of 2254209 shares. The stock had previously closed at $105.24.

Wall Street Analyst Weigh In

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

QRVO has been the subject of several research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. TD Cowen restated a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. UBS Group lifted their price target on Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Citigroup reduced their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Finally, Wall Street Zen raised Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $94.00.

Qorvo Trading Up 6.8%

The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The business's 50 day moving average price is $93.27 and its 200-day moving average price is $90.16. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 1.86 and a beta of 1.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the firm earned $0.92 earnings per share. The firm's revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, CFO Grant Brown sold 5,179 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the transaction, the chief financial officer owned 49,268 shares in the company, valued at approximately $4,803,630. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Steven Creviston sold 4,810 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total value of $485,184.70. Following the completion of the sale, the senior vice president directly owned 119,451 shares of the company's stock, valued at approximately $12,049,022.37. This trade represents a 3.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,999 shares of company stock valued at $5,458,714 in the last three months. Insiders own 0.49% of the company's stock.

Institutional Trading of Qorvo

Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Fred Alger Management LLC grew its stake in shares of Qorvo by 5.3% in the third quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company's stock valued at $290,000 after buying an additional 160 shares in the last quarter. Wedmont Private Capital raised its position in Qorvo by 1.6% during the second quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company's stock worth $879,000 after acquiring an additional 162 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in Qorvo by 4.4% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company's stock worth $306,000 after purchasing an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 180 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Qorvo by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company's stock valued at $125,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

About Qorvo

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.

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