Qorvo, Inc. (NASDAQ:QRVO) Receives $102.88 Consensus Target Price from Analysts

Qorvo, Inc. (NASDAQ:QRVO) has been assigned an average recommendation of “Hold” from the seventeen ratings firms that are presently covering the firm, Marketbeat reports. Two 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 12 month target price among brokerages that have issued a report on the stock in the last year is $102.88.

Several equities analysts have weighed in on the stock. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 target price on the stock. Loop Capital initiated coverage on Qorvo in a research note on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Craig Hallum decreased their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Bank of America dropped their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th.

Qorvo Price Performance

NASDAQ QRVO opened at $71.50 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The stock has a market capitalization of $6.76 billion, a P/E ratio of -48.97, a P/E/G ratio of 5.58 and a beta of 1.42. The business’s fifty day moving average is $75.79 and its two-hundred day moving average is $98.68. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99.

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. On average, research analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction 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 directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Hedge funds and other institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the period. V Square Quantitative Management LLC lifted its stake in shares of Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 107 shares during the period. American Trust lifted its stake in shares of Qorvo by 5.8% in the second quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after buying an additional 115 shares during the period. Verdence Capital Advisors LLC grew its position in Qorvo by 3.7% during the third quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after buying an additional 140 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Qorvo by 1.6% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,526 shares of the semiconductor company’s stock valued at $1,105,000 after acquiring an additional 150 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

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.