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

Qorvo (NASDAQ:QRVO) had its target price upped by stock analysts at Rosenblatt Securities from $105.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 6.27% from the company’s current price.

Several other research analysts have also weighed in on QRVO. Susquehanna dropped their price target on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday. The Goldman Sachs Group lowered their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. TD Cowen raised their target price on Qorvo from $110.00 to $125.00 and gave the company a “hold” rating in a report on Wednesday. StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Finally, Needham & Company LLC raised their price objective on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $118.44.

Qorvo Trading Down 5.5 %

Shares of Qorvo stock traded down $6.54 on Wednesday, reaching $112.92. 744,996 shares of the company were exchanged, compared to its average volume of 1,343,294. The stock has a fifty day moving average price of $112.78 and a 200-day moving average price of $110.62. The firm has a market capitalization of $10.73 billion, a price-to-earnings ratio of -154.68, a price-to-earnings-growth 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. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million for 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 for the quarter was up 36.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 earnings per share. On average, analysts expect that Qorvo will post 5.16 EPS for the current year.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John R. Harding sold 941 shares of Qorvo stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value 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 ninety days, insiders sold 45,372 shares of company stock valued at $4,517,858. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its holdings in shares of Qorvo by 2.1% in the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after purchasing an additional 93,068 shares in the last quarter. FIL Ltd grew its position in shares of Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after purchasing an additional 120,213 shares during the last quarter. Boston Partners grew its position in shares of Qorvo by 0.5% in the fourth quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after purchasing an additional 6,558 shares during the last quarter. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter valued at approximately $118,120,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Qorvo by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock valued at $103,159,000 after buying an additional 22,951 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Company Profile

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.