Qorvo (NASDAQ:QRVO) Price Target Raised to $118.00

Qorvo (NASDAQ:QRVO) had its target price raised by investment analysts at The Goldman Sachs Group from $105.00 to $118.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 4.50% from the company’s current price.

A number of other brokerages have also issued reports on QRVO. StockNews.com upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Mizuho dropped their price target on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Rosenblatt Securities upped their target price on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday. TD Cowen upped their target price on shares of Qorvo from $110.00 to $125.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $119.17.

Qorvo Stock Performance

QRVO stock traded down $6.54 during midday trading on Wednesday, hitting $112.92. The stock had a trading volume of 866,733 shares, compared to its average volume of 1,344,128. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99. The firm has a market capitalization of $10.73 billion, a price-to-earnings ratio of -154.79, a P/E/G ratio of 1.18 and a beta of 1.46. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The stock has a 50-day simple moving average of $112.78 and a 200 day simple moving average of $110.62.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. The business had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, equities research analysts anticipate that Qorvo will post 5.16 earnings per share for the current year.

Insider Activity

In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the completion of the transaction, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at $15,364,647.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total value of $472,100.00. Following the sale, the chief executive officer now owns 205,440 shares of the company’s stock, valued at $20,544,000. The disclosure for this sale can be found here. Insiders sold a total of 45,372 shares of company stock valued at $4,517,858 over the last three months. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Large investors have recently bought and sold shares of the company. State of Michigan Retirement System lifted its stake in shares of Qorvo by 1.2% in the fourth quarter. State of Michigan Retirement System now owns 32,619 shares of the semiconductor company’s stock worth $3,673,000 after acquiring an additional 400 shares during the period. International Assets Investment Management LLC acquired a new position in Qorvo during the 4th quarter valued at about $1,319,000. DekaBank Deutsche Girozentrale raised its position in Qorvo by 4.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 9,679 shares of the semiconductor company’s stock valued at $1,092,000 after buying an additional 417 shares during the last quarter. Narwhal Capital Management purchased a new position in Qorvo during the fourth quarter worth about $234,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Qorvo by 8.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,467 shares of the semiconductor company’s stock worth $278,000 after acquiring an additional 200 shares during the period. 88.57% of the stock is currently owned by 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.