Qorvo (NASDAQ:QRVO) Price Target Raised to $84.00

Qorvo (NASDAQ:QRVO - Get Free Report) had its price target boosted by analysts at Mizuho from $75.00 to $84.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the semiconductor company's stock. Mizuho's price objective points to a potential downside of 3.14% from the company's previous close.

Other analysts also recently issued reports about the company. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a report on Wednesday, April 30th. TD Cowen decreased their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Piper Sandler reaffirmed an "overweight" rating and set a $110.00 price objective on shares of Qorvo in a research report on Friday. Loop Capital dropped their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a report on Monday, April 28th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $90.89.

Qorvo Price Performance

Shares of QRVO stock traded up $1.81 during trading on Tuesday, hitting $86.72. The company had a trading volume of 748,810 shares, compared to its average volume of 2,230,502. The firm has a market capitalization of $8.05 billion, a P/E ratio of 149.56, a price-to-earnings-growth ratio of 2.23 and a beta of 1.37. Qorvo has a one year low of $49.46 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. The stock's 50-day moving average price is $75.99 and its 200 day moving average price is $73.57.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The company's quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.39 earnings per share. Equities analysts expect that Qorvo will post 4.09 EPS for the current fiscal year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were 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 approximately $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 can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. City Holding Co. purchased a new position in Qorvo during the 1st quarter worth $25,000. Banque Transatlantique SA acquired a new stake in Qorvo in the first quarter worth about $27,000. Rakuten Securities Inc. purchased a new stake in shares of Qorvo during the fourth quarter worth about $28,000. Larson Financial Group LLC increased its holdings in shares of Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 296 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of 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 purchasing an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

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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