Analysts Set Qorvo, Inc. (NASDAQ:QRVO) Target Price at $102.88

Qorvo, Inc. (NASDAQ:QRVO) has received a consensus recommendation of “Hold” from the seventeen analysts that are currently covering the stock, MarketBeat Ratings reports. Two research 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 target price among analysts that have covered the stock in the last year is $102.88.

QRVO has been the subject of several recent research reports. Loop Capital assumed coverage on Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 price target for the company. Needham & Company LLC initiated coverage on shares of Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price for the company. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Wednesday, October 30th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Bank of America decreased their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently made changes to their positions in QRVO. O Shaughnessy Asset Management LLC raised its position in Qorvo by 15.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,272 shares of the semiconductor company’s stock worth $376,000 after purchasing an additional 443 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after buying an additional 12,666 shares in the last quarter. Pitcairn Co. bought a new position in shares of Qorvo during the 1st quarter worth approximately $201,000. Canada Pension Plan Investment Board boosted its stake in Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after buying an additional 71,200 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in Qorvo by 23,191.0% in the first quarter. Lazard Asset Management LLC now owns 20,729 shares of the semiconductor company’s stock valued at $2,380,000 after acquiring an additional 20,640 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

QRVO stock opened at $69.71 on Friday. The firm has a 50 day simple moving average of $90.08 and a 200 day simple moving average of $103.14. Qorvo has a 52 week low of $64.98 and a 52 week high of $130.99. The stock has a market cap of $6.59 billion, a P/E ratio of -47.75, a P/E/G ratio of 5.55 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

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

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.