Qorvo (NASDAQ:QRVO) Price Target Increased to $115.00 by Analysts at JPMorgan Chase & Co.

Qorvo (NASDAQ:QRVO) had its price target raised by JPMorgan Chase & Co. from $100.00 to $115.00 in a research note released on Wednesday, Benzinga reports. They currently have an underweight rating on the semiconductor company’s stock.

Several other research analysts have also recently weighed in on the stock. Craig Hallum boosted their price target on shares of Qorvo from $124.00 to $142.00 and gave the company a buy rating in a research report on Wednesday. Barclays increased their price target on shares of Qorvo from $100.00 to $125.00 and gave the stock an equal weight rating in a research report on Tuesday. Needham & Company LLC increased their price target on shares of Qorvo from $110.00 to $135.00 and gave the stock a buy rating in a research report on Wednesday. Piper Sandler reissued a neutral rating and set a $120.00 price target (up previously from $105.00) on shares of Qorvo in a research report on Wednesday. Finally, Rosenblatt Securities increased their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a neutral rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $120.83.

Qorvo Stock Performance

Qorvo stock opened at $119.80 on Wednesday. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a fifty day simple moving average of $112.78 and a 200-day simple moving average of $110.62. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last released 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 business had revenue of $886.70 million during 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 14.73%. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 earnings per share. As a group, sell-side analysts predict that Qorvo will post 5.07 EPS for the current year.

Insider Buying and Selling

In related news, Director John R. Harding sold 941 shares of the stock in a transaction on Wednesday, May 8th. The stock was 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 directly owns 6,950 shares of the company’s stock, valued at $676,652. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Qorvo news, SVP Paul J. Fego sold 2,132 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 $211,728.92. Following the completion of the sale, the senior vice president now owns 25,201 shares of the company’s stock, valued at $2,502,711.31. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 value of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The disclosure for this sale can be found here. Insiders sold a total of 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 company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors grew its holdings in Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after buying an additional 93,068 shares during the period. FIL Ltd lifted its stake in shares of Qorvo by 4.5% in the 4th 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 in the last quarter. Boston Partners lifted its stake in shares of Qorvo by 0.5% in the 4th 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 in the last quarter. Norges Bank purchased a new position in Qorvo in the 4th quarter worth approximately $118,120,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Qorvo by 2.6% during the 4th 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 last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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.