Qorvo (NASDAQ:QRVO) Price Target Raised to $90.00

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 lifted by stock analysts at Loop Capital from $75.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the semiconductor company's stock. Loop Capital's price target indicates a potential upside of 7.51% from the company's previous close.

Other equities analysts have also issued reports about the stock. TD Cowen upped their price objective on shares of Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a report on Wednesday. Barclays raised their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday. Wall Street Zen lowered shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Susquehanna restated a "neutral" rating and issued a $95.00 price objective (up from $90.00) on shares of Qorvo in a report on Wednesday. Finally, Citigroup restated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $95.35.

Qorvo Price Performance

Shares of QRVO stock traded up $0.11 on Wednesday, reaching $83.71. 628,538 shares of the company were exchanged, compared to its average volume of 2,458,342. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 98.18, a P/E/G ratio of 2.31 and a beta of 1.39. The business has a 50-day moving average price of $83.05 and a 200 day moving average price of $76.07. 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.

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

Insider Transactions at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business'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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company's stock.

Institutional Investors Weigh In On Qorvo

Several institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock worth $45,429,000 after buying an additional 91,120 shares in the last quarter. Raymond James Financial Inc. bought a new position in Qorvo during the 4th quarter valued at $1,327,000. American Century Companies Inc. boosted its stake in Qorvo by 5.0% during the 4th quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company's stock valued at $2,131,000 after acquiring an additional 1,443 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Qorvo by 10.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock valued at $547,000 after acquiring an additional 717 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Qorvo by 10.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 8,635 shares of the semiconductor company's stock valued at $604,000 after acquiring an additional 827 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.