JPMorgan Chase & Co. Boosts Qorvo (NASDAQ:QRVO) Price Target to $115.00

Qorvo (NASDAQ:QRVO) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $100.00 to $115.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 3.30% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Benchmark lowered their price objective on Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Susquehanna cut their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday. Piper Sandler reissued a “neutral” rating and issued a $120.00 target price (up previously from $105.00) on shares of Qorvo in a research note on Wednesday. Finally, Rosenblatt Securities lifted their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $120.83.

Qorvo Trading Down 0.4 %

Qorvo stock traded down $0.53 during trading hours on Wednesday, reaching $118.93. The company had a trading volume of 1,833,204 shares, compared to its average volume of 1,350,747. The company has a 50-day moving average price of $112.78 and a 200 day moving average price of $110.62. Qorvo has a 12-month low of $80.62 and a 12-month high of $130.99. The firm has a market cap of $11.30 billion, a price-to-earnings ratio of -162.19, a P/E/G ratio of 1.18 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41.

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

Insiders Place Their Bets

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total transaction of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares in the company, valued at approximately $20,544,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 6,950 shares of the company’s stock, valued at $676,652. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the completion of the transaction, the chief executive officer now directly owns 205,440 shares in the company, valued at $20,544,000. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock valued at $4,517,858 over the last three months. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

A number of institutional investors and hedge funds have recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Qorvo in the 2nd quarter valued at $29,000. Park Place Capital Corp boosted its holdings in shares of Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares in the last quarter. Finally, New Millennium Group LLC acquired a new stake in Qorvo in the 2nd quarter valued at about $34,000. 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.