Qorvo (NASDAQ:QRVO) Earns "Overweight" Rating from Piper Sandler

Qorvo (NASDAQ:QRVO - Get Free Report)'s stock had its "overweight" rating reiterated by equities researchers at Piper Sandler in a report released on Friday,Benzinga reports. They currently have a $110.00 target price on the semiconductor company's stock. Piper Sandler's price objective indicates a potential upside of 31.56% from the company's current price.

Other equities analysts have also issued reports about the company. Stifel Nicolaus set a $75.00 price objective on Qorvo in a research report on Monday, April 28th. Loop Capital decreased their price target on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Citigroup reiterated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Wall Street Zen cut shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Finally, TD Cowen lowered their target price on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and an average target price of $91.21.

Qorvo Price Performance

Shares of NASDAQ QRVO traded up $0.62 during mid-day trading on Friday, hitting $83.61. 783,187 shares of the stock were exchanged, compared to its average volume of 2,224,496. The stock's fifty day simple moving average is $74.93 and its two-hundred day simple moving average is $73.31. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. Qorvo has a twelve month low of $49.46 and a twelve month high of $130.99. The company has a market cap of $7.78 billion, a P/E ratio of 144.12, a PEG ratio of 2.20 and a beta of 1.37.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. Qorvo's revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.39 earnings per share. As a group, analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction on 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 now owns 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. bought a new stake in shares of Qorvo during the 1st quarter valued at about $168,980,000. Contour Asset Management LLC bought a new stake in Qorvo during the 1st quarter valued at approximately $151,698,000. Ameriprise Financial Inc. grew its holdings in shares of Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after acquiring an additional 1,816,811 shares during the period. Norges Bank bought a new position in shares of Qorvo in the 4th quarter worth approximately $71,825,000. Finally, Amundi lifted its stake in shares of Qorvo by 84.4% in the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock valued at $156,673,000 after purchasing an additional 981,519 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.

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