Qorvo (NASDAQ:QRVO) Price Target Raised to $135.00

Qorvo (NASDAQ:QRVO) had its price target lifted by Needham & Company LLC from $110.00 to $135.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities analysts also recently issued research reports about the stock. TD Cowen increased their price target on shares of Qorvo from $110.00 to $125.00 and gave the company a hold rating in a report on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a report on Thursday, May 2nd. Benchmark cut their price target on shares of Qorvo from $136.00 to $128.00 and set a buy rating for the company in a report on Thursday, May 2nd. Rosenblatt Securities reiterated a neutral rating and issued a $105.00 price target on shares of Qorvo in a report on Wednesday, June 12th. Finally, StockNews.com upgraded shares of Qorvo from a hold rating to a buy rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $120.83.

Qorvo Stock Down 2.5 %

NASDAQ QRVO opened at $107.93 on Wednesday. The company has a quick ratio of 1.41, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average price is $113.66 and its 200 day moving average price is $110.72. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly 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 firm had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. Qorvo’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 EPS. Sell-side analysts anticipate that Qorvo will post 5.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the sale, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at $19,016,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the sale, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at $19,016,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Harding sold 941 shares of Qorvo 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 transaction, the director now directly owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,372 shares of company stock valued at $4,517,858. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo during the second quarter worth $29,000. Park Place Capital Corp lifted its position in shares of Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake 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 worth $30,000 after buying an additional 115 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new stake in shares of Qorvo in the second quarter worth $34,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.