Qorvo (NASDAQ:QRVO) Price Target Raised to $90.00 at Loop Capital

Qorvo (NASDAQ:QRVO) had its target price raised by Loop Capital from $80.00 to $90.00 in a research report sent to investors on Wednesday,Benzinga reports. Loop Capital currently has a hold rating on the semiconductor company’s stock.

Several other research analysts have also recently commented on the stock. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $110.00 in a report on Monday. Citigroup cut their target price on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research note on Wednesday. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. TD Cowen reduced their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Finally, Mizuho lifted their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $95.84.

Qorvo Stock Performance

NASDAQ QRVO opened at $86.03 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average is $73.41 and its two-hundred day moving average is $91.84. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.99 earnings per share. On average, analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QRVO. Louisiana State Employees Retirement System boosted its holdings in Qorvo by 762.3% during the fourth quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the semiconductor company’s stock valued at $3,196,000 after acquiring an additional 40,400 shares during the period. Stephens Inc. AR boosted its stake in Qorvo by 4.5% during the 4th quarter. Stephens Inc. AR now owns 8,300 shares of the semiconductor company’s stock valued at $580,000 after purchasing an additional 358 shares during the period. Stoneridge Investment Partners LLC acquired a new stake in Qorvo in the 4th quarter valued at approximately $784,000. Entropy Technologies LP increased its position in Qorvo by 148.2% in the 4th quarter. Entropy Technologies LP now owns 58,192 shares of the semiconductor company’s stock worth $4,069,000 after buying an additional 34,749 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Qorvo by 64.5% during the fourth quarter. Empowered Funds LLC now owns 18,727 shares of the semiconductor company’s stock worth $1,310,000 after buying an additional 7,340 shares during the last quarter. Institutional investors 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.