Qorvo (NASDAQ:QRVO) Price Target Increased to $120.00 by Analysts at Rosenblatt Securities

Qorvo (NASDAQ:QRVO) had its target price boosted by Rosenblatt Securities from $105.00 to $120.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

Several other equities research analysts have also commented on QRVO. Barclays upped their price target on shares of Qorvo from $100.00 to $125.00 and gave the company an equal weight rating in a report on Tuesday. TD Cowen increased their target price on shares of Qorvo from $110.00 to $125.00 and gave the stock a hold rating in a research note on Wednesday. StockNews.com raised shares of Qorvo from a hold rating to a buy rating in a research note on Wednesday, July 24th. Craig Hallum raised their price target on shares of Qorvo from $124.00 to $142.00 and gave the company a buy rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo currently has a consensus rating of Hold and a consensus target price of $120.83.

Qorvo Price Performance

NASDAQ:QRVO opened at $119.80 on Wednesday. Qorvo has a one year low of $80.62 and a one year high of $130.99. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average is $112.78 and its two-hundred day moving average is $110.62.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.73%. The company had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same period in the prior year, the company earned $0.03 earnings per share. The firm’s revenue was up 36.2% on a year-over-year basis. As a group, equities analysts forecast that Qorvo will post 5.07 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, 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 legal filing with the SEC, which can be accessed through this link. In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now directly owns 6,950 shares in the company, valued at approximately $676,652. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock valued at $4,517,858. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently made changes to their positions in the business. Capital Research Global Investors boosted its stake in shares of Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after buying an additional 93,068 shares during the period. FIL Ltd boosted its stake in shares of Qorvo by 4.5% during the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after buying an additional 120,213 shares during the period. Boston Partners boosted its stake in shares of Qorvo by 0.5% during the fourth quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock worth $161,726,000 after buying an additional 6,558 shares during the period. Norges Bank acquired a new stake in shares of Qorvo during the fourth quarter worth about $118,120,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Qorvo by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock worth $103,159,000 after buying an additional 22,951 shares during the period. 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.