Qorvo (NASDAQ:QRVO) Given a $100.00 Price Target at UBS Group

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 price objective on Qorvo (NASDAQ:QRVO - Free Report) in a report published on Wednesday morning, Marketbeat Ratings reports. The firm currently has a neutral rating on the semiconductor company's stock.

Several other equities analysts have also recently commented on QRVO. Needham & Company LLC raised their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Wednesday. Loop Capital cut their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen downgraded Qorvo from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Piper Sandler set a $125.00 target price on Qorvo and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Susquehanna restated a "neutral" rating and issued a $95.00 target price (up from $90.00) on shares of Qorvo in a research report on Wednesday. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Qorvo has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Stock Performance

Shares of Qorvo stock traded up $0.51 during trading on Wednesday, hitting $84.11. 2,343,204 shares of the stock were exchanged, compared to its average volume of 1,899,838. The stock's fifty day moving average is $83.24 and its 200 day moving average is $76.16. The stock has a market cap of $7.79 billion, a PE ratio of 98.95, a P/E/G ratio of 1.70 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.95 and a current ratio of 2.81. Qorvo has a 12 month low of $49.46 and a 12 month high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. The business had revenue of $818.80 million during 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%. The company's quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share. As a group, sell-side analysts anticipate that Qorvo will post 4.09 EPS for the current year.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the company'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 directly owned 7,597 shares of the company's stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of Qorvo

A number of hedge funds have recently bought and sold shares of QRVO. Jericho Capital Asset Management L.P. purchased a new stake in Qorvo during the first quarter valued at about $168,980,000. Contour Asset Management LLC purchased a new stake in Qorvo during the first quarter valued at about $151,698,000. Ameriprise Financial Inc. lifted its stake in Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after buying an additional 1,816,811 shares in the last quarter. Norges Bank purchased a new stake in Qorvo during the fourth quarter valued at about $71,825,000. Finally, Vulcan Value Partners LLC lifted its stake in Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares in 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.