Qorvo's (QRVO) "Neutral" Rating Reiterated at Susquehanna

Key Points

• Susquehanna raised its target price for Qorvo (NASDAQ:QRVO) from $90.00 to $95.00, indicating a potential upside of 12.20% from the current price.
• Qorvo reported earnings of $0.92 per share for the last quarter, exceeding estimates by $0.30, although its revenue fell 7.7% year-over-year.
• Analysts currently have a consensus rating of "Hold" on Qorvo, with three sell ratings, twelve hold ratings, and five buy ratings issued.

Susquehanna restated their neutral rating on shares of Qorvo (NASDAQ:QRVO - Free Report) in a research report released on Wednesday, Marketbeat.com reports. They currently have a $95.00 price target on the semiconductor company's stock, up from their previous price target of $90.00.

A number of other analysts have also recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 target price for the company. Barclays lifted their price objective on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Needham & Company LLC cut their target price on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Piper Sandler restated an "overweight" rating and issued a $110.00 target price on shares of Qorvo in a research note on Friday, June 27th. Finally, Stifel Nicolaus set a $75.00 price target on Qorvo in a research report on Monday, April 28th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $95.35.

Qorvo Stock Down 0.8%

NASDAQ QRVO traded down $0.66 during midday trading on Wednesday, hitting $82.94. 242,989 shares of the company traded hands, compared to its average volume of 2,455,234. Qorvo has a 52 week low of $49.46 and a 52 week high of $117.90. The company's 50-day simple moving average is $83.05 and its 200-day simple moving average is $76.07. The company has a market cap of $7.70 billion, a PE ratio of 97.61, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39. 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 issued its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The firm had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same period in the prior year, the business posted $0.87 EPS. The firm's quarterly revenue was down 7.7% on a year-over-year basis. As a group, equities research analysts forecast that Qorvo will post 4.09 earnings per share for the current year.

Insider Activity

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 transaction of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company's stock, valued at $532,473.73. The trade was 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 at this link. 0.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Qorvo by 1.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,679 shares of the semiconductor company's stock valued at $682,000 after acquiring an additional 118 shares in the last quarter. Huntington National Bank grew its holdings in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after buying an additional 145 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Qorvo by 34.6% in the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after buying an additional 170 shares in the last quarter. HB Wealth Management LLC boosted its position in Qorvo by 6.9% during the second quarter. HB Wealth Management LLC now owns 2,955 shares of the semiconductor company's stock worth $251,000 after acquiring an additional 190 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in Qorvo by 0.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 30,974 shares of the semiconductor company's stock valued at $2,630,000 after acquiring an additional 203 shares during the last quarter. 88.57% of the stock is 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.