Qorvo (NASDAQ:QRVO) Stock Price Up 6.4% - Should You Buy?

Key Points

• Qorvo shares rose 6.4% to approximately $112.03, despite trading volume running 61% below the average session volume.
• Analysts remain cautious: the stock has a consensus “Hold” rating and a $94 average price target, although UBS raised its target to $96 and Wall Street Zen upgraded the shares to “Buy.”
• Qorvo exceeded quarterly expectations, reporting $1.64 in EPS versus the $1.11 consensus and revenue of $784.79 million versus $743.28 million expected; however, revenue declined 4.2% year over year, and company insiders sold roughly 55,000 shares over the past three months.

Shares of Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) traded up 6.4% during trading on Thursday . The company traded as high as $110.80 and last traded at $112.0270. 485,027 shares were traded during mid-day trading, a decline of 61% from the average session volume of 1,247,378 shares. The stock had previously closed at $105.24.

Analysts Set New Price Targets

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several research firms have recently commented on QRVO. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. 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 dropped their price target on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. TD Cowen reissued a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $94.00.

Qorvo Price Performance

The firm has a 50-day simple moving average of $92.78 and a two-hundred day simple moving average of $89.95. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 1.84 and a beta of 1.45. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

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

Insider Buying and Selling

In other news, SVP Steven E. Creviston sold 4,810 shares of Qorvo stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total transaction of $485,184.70. Following the completion of the transaction, the senior vice president directly owned 119,451 shares of the company's stock, valued at $12,049,022.37. The trade was a 3.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 28,744 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total transaction of $2,899,407.28. Following the completion of the transaction, the chief executive officer owned 325,546 shares of the company's stock, valued at approximately $32,837,825.02. This represents a 8.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,999 shares of company stock valued at $5,458,714 in the last three months. 0.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of QRVO. Smartleaf Asset Management LLC increased its stake in shares of Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 231 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Qorvo in the second quarter valued at approximately $32,000. Advisory Services Network LLC acquired a new stake in Qorvo in the third quarter valued at approximately $36,000. Elevation Wealth Partners LLC increased its position in shares of Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock valued at $39,000 after buying an additional 310 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Qorvo in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 88.57% of the company's stock.

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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