Qorvo (NASDAQ:QRVO) Given New $125.00 Price Target at Benchmark

Key Points

• Benchmark raised Qorvo's price target from $95.00 to $125.00, indicating a potential upside of 47.63% from the stock's previous close, along with a "buy" rating.
• Qorvo reported earnings of $0.92 EPS for the quarter, beating estimates of $0.62, although revenue decreased by 7.7% year-over-year, totaling $818.80 million.
• Institutional investors now hold 88.57% of Qorvo's stock, reflecting strong interest, while a mix of ratings from analysts includes three sells, twelve holds, and five buys.

Qorvo (NASDAQ:QRVO - Get Free Report) had its target price upped by research analysts at Benchmark from $95.00 to $125.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Benchmark's price target would suggest a potential upside of 50.71% from the company's current price.

A number of other research firms have also recently weighed in on QRVO. Susquehanna reaffirmed a "neutral" rating and set a $95.00 target price (up previously from $90.00) on shares of Qorvo in a research note on Wednesday. Stifel Nicolaus set a $88.00 target price on Qorvo and gave the stock a "hold" rating in a report on Wednesday. TD Cowen lifted their price target on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday. Wall Street Zen lowered shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, Needham & Company LLC cut their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $95.35.

Qorvo Price Performance

Shares of Qorvo stock traded down $0.66 during trading on Wednesday, reaching $82.94. 242,989 shares of the company's stock were exchanged, compared to its average volume of 2,455,234. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.95 and a current ratio of 2.81. Qorvo has a 1-year low of $49.46 and a 1-year high of $117.90. The company has a market cap of $7.70 billion, a P/E ratio of 97.61, a PEG ratio of 2.31 and a beta of 1.39. The firm's 50-day moving average price is $83.05 and its 200 day moving average price is $76.07.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. The firm had revenue of $818.80 million for 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 business's revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.87 earnings per share. As a group, research analysts anticipate that Qorvo will post 4.09 earnings per share for the current year.

Insider Activity at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of QRVO. City Holding Co. bought a new position in shares of Qorvo in the first quarter valued at $25,000. Banque Transatlantique SA bought a new stake in shares of Qorvo during the first quarter worth about $27,000. Larson Financial Group LLC raised 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 worth $31,000 after acquiring an additional 296 shares during the last quarter. Huntington National Bank lifted its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Finally, Curat Global LLC acquired a new position in Qorvo during the 1st quarter valued at about $34,000. 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.