Qorvo (NASDAQ:QRVO) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Qorvo (NASDAQ:QRVO - Free Report) in a research report report published on Thursday, Marketbeat Ratings reports. The firm issued a neutral rating and a $90.00 price objective on the semiconductor company's stock.

Several other brokerages have also recently commented on QRVO. Benchmark upgraded shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price for the company in a report on Wednesday, April 30th. Needham & Company LLC cut their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Barclays increased their price target on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a research note on Monday, April 28th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $110.00 price target on shares of Qorvo in a research note on Friday, June 27th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Qorvo has an average rating of "Hold" and a consensus price target of $91.53.

Qorvo Stock Down 2.3%

QRVO traded down $2.09 during trading hours on Thursday, hitting $88.23. 1,484,451 shares of the company's stock were exchanged, compared to its average volume of 2,264,774. Qorvo has a 1-year low of $49.46 and a 1-year high of $130.99. The stock's 50-day moving average is $80.02 and its two-hundred day moving average is $74.63. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 152.12, a PEG ratio of 2.35 and a beta of 1.39. 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 announced its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The business had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. During the same quarter in the prior year, the company posted $1.39 earnings per share. The firm's revenue was down 7.6% on a year-over-year basis. Sell-side analysts predict that Qorvo will post 4.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the firm'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 in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of Qorvo

Several hedge funds and other institutional investors have recently bought and sold shares of QRVO. Jones Financial Companies Lllp raised its stake in Qorvo by 35.9% in the 4th quarter. Jones Financial Companies Lllp now owns 1,506 shares of the semiconductor company's stock worth $105,000 after purchasing an additional 398 shares in the last quarter. M&T Bank Corp raised its stake in Qorvo by 19.9% in the 4th quarter. M&T Bank Corp now owns 6,195 shares of the semiconductor company's stock worth $433,000 after purchasing an additional 1,030 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Qorvo in the 4th quarter worth about $812,000. Raymond James Financial Inc. acquired a new stake in Qorvo in the 4th quarter worth about $1,327,000. Finally, Edgestream Partners L.P. acquired a new stake in Qorvo in the 4th quarter worth about $639,000. Institutional investors and hedge funds own 88.57% of the company's stock.

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.