Qorvo (NASDAQ:QRVO - Get Free Report) had its price target increased by equities researchers at Susquehanna from $75.00 to $90.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the semiconductor company's stock. Susquehanna's target price points to a potential upside of 3.03% from the stock's previous close.
Other analysts also recently issued reports about the company. UBS Group lifted their price objective on Qorvo from $75.00 to $95.00 and gave the company a "neutral" rating in a report on Monday. Loop Capital reduced their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. TD Cowen lowered their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Piper Sandler restated an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a report on Friday, June 27th. 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 research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $91.79.
Read Our Latest Stock Analysis on QRVO
Qorvo Price Performance
Shares of QRVO stock traded down $0.58 on Tuesday, reaching $87.35. The company had a trading volume of 569,926 shares, compared to its average volume of 2,250,773. The business's 50-day moving average is $81.65 and its 200 day moving average is $75.25. The stock has a market capitalization of $8.11 billion, a PE ratio of 150.38, a price-to-earnings-growth ratio of 2.36 and a beta of 1.39. Qorvo has a one year low of $49.46 and a one year high of $125.88. The company has a quick ratio of 1.95, a current ratio of 2.77 and a debt-to-equity ratio of 0.46.
Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $1.39 EPS. Equities research analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.
Insider Activity at Qorvo
In related news, Director John R. Harding sold 1,450 shares of Qorvo 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 transaction, the director directly owned 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company's stock.
Institutional Investors Weigh In On Qorvo
Several hedge funds have recently made changes to their positions in the business. Jericho Capital Asset Management L.P. acquired a new stake in Qorvo during the first quarter valued at approximately $168,980,000. Contour Asset Management LLC bought a new position in Qorvo in the 1st quarter worth approximately $151,698,000. Ameriprise Financial Inc. boosted its stake in Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after purchasing an additional 1,816,811 shares in the last quarter. Norges Bank bought a new position in Qorvo during the 4th quarter valued at $71,825,000. Finally, 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 acquiring an additional 902,353 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.
About Qorvo
(
Get Free Report)
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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