The Goldman Sachs Group Initiates Coverage on Qorvo (NASDAQ:QRVO)

Investment analysts at The Goldman Sachs Group started coverage on shares of Qorvo (NASDAQ:QRVO - Get Free Report) in a report released on Thursday, MarketBeat reports. The firm set a "neutral" rating and a $90.00 price target on the semiconductor company's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 0.13% from the stock's previous close.

Other analysts have also issued research reports about the company. Citigroup reissued a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Wall Street Zen lowered Qorvo from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research note on Monday, April 28th. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a research note on Wednesday, April 30th. Finally, Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Three 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. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and an average price target of $91.53.

Qorvo Stock Up 2.1%

Shares of QRVO opened at $89.88 on Thursday. The firm has a market cap of $8.35 billion, a P/E ratio of 154.97, a P/E/G ratio of 2.35 and a beta of 1.39. The stock has a 50 day simple moving average of $79.26 and a two-hundred day simple moving average of $74.34. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. Qorvo has a 1 year low of $49.46 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo's revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. On average, 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 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 owned 7,597 shares in the company, valued at approximately $532,473.73. This 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 can be accessed through this link. Company insiders own 0.41% of the company's stock.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently added to or reduced their stakes in the company. City Holding Co. bought a new position in shares of Qorvo during the first quarter valued at $25,000. Banque Transatlantique SA bought a new position in shares of Qorvo during the first quarter valued at $27,000. Rakuten Securities Inc. bought a new position in shares of Qorvo during the fourth quarter valued at $28,000. Larson Financial Group LLC increased its holdings in shares of Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 296 shares in the last quarter. Finally, Huntington National Bank increased 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 valued at $32,000 after acquiring an additional 145 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

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.

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