UBS Group Reiterates $100.00 Price Target for Qorvo (NASDAQ:QRVO)

Key Points

• UBS Group has raised Qorvo's price target from $95.00 to $100.00, suggesting a potential upside of 17.56% from the stock's previous close.
• The semiconductor company reported earnings of $0.92 per share for the quarter, exceeding the consensus estimate of $0.62.
• Current analysts' ratings show three sell ratings, twelve hold ratings, and five buy ratings for Qorvo's stock, with an average target price of $97.95.

UBS Group set a $100.00 target price on Qorvo (NASDAQ:QRVO - Free Report) in a report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the semiconductor company's stock.

A number of other research analysts have also weighed in on QRVO. Susquehanna reaffirmed a "neutral" rating and issued a $95.00 price target (up from $90.00) on shares of Qorvo in a research note on Wednesday. Wall Street Zen lowered shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Needham & Company LLC raised their target price on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday. Citigroup reissued a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Finally, Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the stock a "hold" rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and an average target price of $95.35.

Qorvo Price Performance

Qorvo stock traded up $0.51 during midday trading on Wednesday, reaching $84.11. The company had a trading volume of 2,343,204 shares, compared to its average volume of 1,899,838. The company has a market capitalization of $7.79 billion, a P/E ratio of 98.95, a P/E/G ratio of 1.69 and a beta of 1.35. Qorvo has a 12-month low of $49.46 and a 12-month high of $117.90. The firm's fifty day simple moving average is $83.24 and its 200-day simple moving average is $76.14. 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 results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. The firm had revenue of $818.80 million for the quarter, compared to analyst estimates of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. Qorvo's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the company posted $0.87 EPS. As a group, equities analysts anticipate that Qorvo will post 4.09 EPS for the current year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

Institutional Trading of Qorvo

Several institutional investors have recently added to or reduced their stakes in QRVO. Jericho Capital Asset Management L.P. acquired a new stake in Qorvo in the 1st quarter valued at approximately $168,980,000. Contour Asset Management LLC acquired a new position in shares of Qorvo in the first quarter worth $151,698,000. Ameriprise Financial Inc. grew its stake in shares of Qorvo by 102.0% in the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after acquiring an additional 1,816,811 shares in the last quarter. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter worth $71,825,000. Finally, Vulcan Value Partners LLC grew its stake in shares of Qorvo by 53.7% in the fourth 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

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.