Qorvo (NASDAQ:QRVO) had its target price hoisted by Raymond James from $70.00 to $90.00 in a research note released on Wednesday morning, BenzingaRatingsTable reports. The firm currently has an outperform rating on the semiconductor company’s stock.
Other equities analysts have also recently issued reports about the company. DA Davidson increased their price target on Qorvo from $6.00 to $82.00 in a report on Wednesday. TheStreet upgraded Qorvo from a c+ rating to a b- rating in a report on Monday, March 25th. Craig Hallum upgraded Qorvo from a hold rating to a buy rating and cut their price target for the stock from $74.00 to $72.00 in a report on Thursday, January 10th. Needham & Company LLC restated a buy rating and set a $70.00 price target on shares of Qorvo in a report on Monday, March 4th. Finally, Goldman Sachs Group upgraded Qorvo from a neutral rating to a buy rating and increased their target price for the stock from $66.00 to $79.00 in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. Qorvo presently has a consensus rating of Hold and an average target price of $78.78.
Shares of Qorvo stock traded down $1.10 on Wednesday, reaching $75.08. 164,612 shares of the company’s stock were exchanged, compared to its average volume of 1,308,542. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 1.41 and a beta of 0.92. Qorvo has a 52 week low of $54.74 and a 52 week high of $86.50. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.78 and a current ratio of 3.90.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.23. The firm had revenue of $680.88 million for the quarter, compared to analysts’ expectations of $670.59 million. Qorvo had a return on equity of 14.11% and a net margin of 1.92%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, equities research analysts forecast that Qorvo will post 5.03 EPS for the current year.
In other Qorvo news, Director Ralph Quinsey sold 209,349 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $69.01, for a total transaction of $14,447,174.49. Following the transaction, the director now directly owns 84,242 shares in the company, valued at approximately $5,813,540.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $68.87, for a total value of $206,610.00. Following the transaction, the vice president now owns 55,006 shares in the company, valued at $3,788,263.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 221,279 shares of company stock worth $15,292,289. Company insiders own 0.85% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc increased its position in shares of Qorvo by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 13,123,467 shares of the semiconductor company’s stock valued at $1,009,063,000 after purchasing an additional 128,991 shares during the last quarter. Boston Partners increased its position in shares of Qorvo by 6.5% during the 1st quarter. Boston Partners now owns 3,916,687 shares of the semiconductor company’s stock valued at $280,944,000 after purchasing an additional 238,370 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Qorvo by 8,987.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock valued at $60,000 after purchasing an additional 3,620,278 shares during the last quarter. Manning & Napier Group LLC increased its position in shares of Qorvo by 3.8% during the 4th quarter. Manning & Napier Group LLC now owns 3,066,202 shares of the semiconductor company’s stock valued at $186,209,000 after purchasing an additional 111,410 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Qorvo by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 1,764,706 shares of the semiconductor company’s stock valued at $106,998,000 after purchasing an additional 122,684 shares during the last quarter. 92.75% of the stock is owned by hedge funds and other institutional investors.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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