Qorvo (NASDAQ:QRVO) Given New $90.00 Price Target at Loop Capital

Key Points

• Loop Capital has raised its price target for Qorvo (NASDAQ:QRVO) from $75.00 to $90.00, suggesting a potential upside of 5.28% from the current price.
• In addition to Loop Capital, multiple analysts have increased their price targets for Qorvo, with Piper Sandler setting a target of $125.00 and UBS Group at $100.00.
• Qorvo reported quarterly earnings of $0.92 per share, surpassing expectations, though its revenue declined by 7.7% compared to the same quarter last year.

Qorvo (NASDAQ:QRVO - Get Free Report) had its price objective hoisted by research analysts at Loop Capital from $75.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. Loop Capital's target price indicates a potential upside of 7.00% from the stock's current price.

Several other analysts also recently commented on QRVO. The Goldman Sachs Group started coverage on shares of Qorvo in a research report on Thursday, July 10th. They set a "neutral" rating and a $90.00 price objective on the stock. Needham & Company LLC lifted their price target on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a report on Wednesday. Citigroup reiterated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Wall Street Zen downgraded shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, Piper Sandler set a $125.00 price target on shares of Qorvo and gave the company an "overweight" rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $95.35.

Qorvo Price Performance

Shares of QRVO stock traded up $0.51 on Wednesday, hitting $84.11. 2,343,204 shares of the stock traded hands, compared to its average volume of 1,899,838. The firm has a market cap of $7.79 billion, a price-to-earnings ratio of 98.95, a PEG ratio of 1.70 and a beta of 1.35. Qorvo has a 52 week low of $49.46 and a 52 week high of $117.90. The firm has a 50 day simple moving average of $83.24 and a two-hundred day simple moving average of $76.16. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 1.95.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.62 by $0.30. The firm had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company's revenue was down 7.7% on a year-over-year basis. During the same period last year, the firm earned $0.87 EPS. As a group, equities research analysts predict that Qorvo will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director directly owned 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake 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 purchasing an additional 1,816,811 shares during the period. FIL Ltd boosted its stake in shares of Qorvo by 5.3% during the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock worth $232,464,000 after purchasing an additional 166,461 shares during the period. Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after purchasing an additional 902,353 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in shares of Qorvo during the 1st quarter worth about $168,980,000. Finally, Contour Asset Management LLC purchased a new position in shares of Qorvo during the 1st quarter worth about $151,698,000. 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.