Qorvo, Inc. (NASDAQ:QRVO) Receives $102.88 Average Price Target from Brokerages

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned an average recommendation of “Hold” from the seventeen brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $102.88.

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Piper Sandler reduced their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, Needham & Company LLC started coverage on Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price on the stock.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction that occurred 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 transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QRVO. Principal Financial Group Inc. boosted its holdings in Qorvo by 1.3% during the third quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock valued at $11,270,000 after acquiring an additional 1,426 shares during the period. Oddo BHF Asset Management Sas bought a new stake in Qorvo during the 3rd quarter valued at approximately $1,616,000. Franklin Resources Inc. grew its holdings in Qorvo by 43.2% in the 3rd quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock valued at $5,523,000 after buying an additional 15,925 shares during the last quarter. Tidal Investments LLC increased its position in Qorvo by 188.1% in the 3rd quarter. Tidal Investments LLC now owns 37,729 shares of the semiconductor company’s stock worth $3,897,000 after buying an additional 24,635 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Qorvo during the third quarter worth approximately $200,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Trading Up 3.0 %

Shares of NASDAQ QRVO opened at $70.85 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. Qorvo has a 12 month low of $64.54 and a 12 month high of $130.99. The company has a market cap of $6.70 billion, a price-to-earnings ratio of -48.53, a P/E/G ratio of 5.58 and a beta of 1.42. The business has a fifty day simple moving average of $77.71 and a 200-day simple moving average of $99.26.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.99 earnings per share. Sell-side analysts predict that Qorvo will post 3.37 EPS for the current year.

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.