Stifel Nicolaus Reiterates "$88.00" Price Target for Qorvo (NASDAQ:QRVO)

Key Points

• Stifel Nicolaus has raised its price target for Qorvo (NASDAQ:QRVO) from $75.00 to $88.00, indicating a potential upside of 3.93% from its previous close.
• Currently, Qorvo has a consensus rating of "Hold" with a consensus target price of $95.84, despite mixed reviews from various research firms.
• Qorvo's recent earnings report showed stronger than expected results, with $0.92 earnings per share, surpassing consensus estimates by $0.30.

Qorvo (NASDAQ:QRVO - Get Free Report) has been given a $88.00 price objective by stock analysts at Stifel Nicolaus in a report released on Wednesday, Marketbeat Ratings reports. The brokerage presently has a "hold" rating on the semiconductor company's stock. Stifel Nicolaus' target price points to a potential upside of 4.62% from the stock's previous close.

QRVO has been the subject of several other research reports. Loop Capital cut their price target on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Wall Street Zen cut shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Susquehanna reiterated a "neutral" rating and issued a $95.00 price target (up previously from $90.00) on shares of Qorvo in a research note on Wednesday. Needham & Company LLC decreased their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Stock Performance

Shares of QRVO traded up $0.51 during trading hours on Wednesday, hitting $84.11. The stock had a trading volume of 2,343,204 shares, compared to its average volume of 1,899,838. The firm has a market capitalization of $7.79 billion, a PE ratio of 98.95, a PEG ratio of 1.69 and a beta of 1.35. 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 has a 12 month low of $49.46 and a 12 month high of $117.90. The stock has a fifty day moving average price of $83.24 and a 200 day moving average price of $76.14.

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

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the stock in a transaction 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 transaction, the director owned 7,597 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of Qorvo

Several hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Qorvo by 16.3% during the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock worth $45,429,000 after acquiring an additional 91,120 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Qorvo during the 4th quarter valued at $1,327,000. American Century Companies Inc. lifted its position in Qorvo by 5.0% in the fourth quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company's stock worth $2,131,000 after buying an additional 1,443 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Qorvo by 10.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock worth $547,000 after buying an additional 717 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in Qorvo by 10.6% during the fourth 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.

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.