Raymond James Raises Qorvo (NASDAQ:QRVO) Price Target to $135.00

Qorvo (NASDAQ:QRVO) had its price objective boosted by Raymond James from $115.00 to $135.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the semiconductor company’s stock.

QRVO has been the topic of several other research reports. Susquehanna reduced their price objective on shares of Qorvo from $145.00 to $135.00 and set a neutral rating on the stock in a research note on Wednesday. TD Cowen upped their price objective on shares of Qorvo from $110.00 to $125.00 and gave the company a hold rating in a research note on Wednesday. Benchmark reduced their price objective on shares of Qorvo from $136.00 to $128.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Piper Sandler reissued a neutral rating and set a $120.00 price objective (up previously from $105.00) on shares of Qorvo in a research note on Wednesday. Finally, Craig Hallum upped their price objective on shares of Qorvo from $124.00 to $142.00 and gave the company a buy rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $121.00.

Qorvo Stock Down 2.5 %

QRVO stock opened at $107.93 on Wednesday. The company’s 50 day simple moving average is $113.66 and its 200-day simple moving average is $110.79. The firm has a market capitalization of $10.24 billion, a PE ratio of -147.85, a P/E/G ratio of 1.29 and a beta of 1.46. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.41.

Qorvo (NASDAQ:QRVO) last released 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. 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 0.66% and a positive return on equity of 14.92%. The company’s quarterly revenue was up 36.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 earnings per share. Equities analysts expect that Qorvo will post 5.02 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now owns 6,950 shares of the company’s stock, valued at approximately $676,652. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the completion of the sale, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the sale, the director now directly owns 6,950 shares of the company’s stock, valued at $676,652. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,372 shares of company stock valued at $4,517,858. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of large investors have recently added to or reduced their stakes in QRVO. Norges Bank acquired a new stake in Qorvo during the 4th quarter valued at $118,120,000. Balyasny Asset Management L.P. grew its holdings in Qorvo by 161.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after acquiring an additional 529,309 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in Qorvo by 119.4% during the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock worth $65,418,000 after acquiring an additional 316,172 shares in the last quarter. KBC Group NV grew its holdings in Qorvo by 3,169.2% during the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock worth $33,674,000 after acquiring an additional 289,885 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after acquiring an additional 272,872 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

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.