Qorvo (NASDAQ:QRVO) Sets New 1-Year High – Still a Buy?

Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week high during trading on Friday . The stock traded as high as $106.46 and last traded at $106.43, with a volume of 1476038 shares. The stock had previously closed at $97.74.

Analyst Upgrades and Downgrades

QRVO has been the subject of several analyst reports. TD Cowen lowered their price target on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating for the company in a report on Wednesday, January 28th. UBS Group boosted their price target on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Piper Sandler reiterated a “neutral” rating on shares of Qorvo in a report on Wednesday, January 28th. Morgan Stanley set a $84.00 price target on shares of Qorvo in a report on Wednesday, January 28th. Finally, Wolfe Research cut shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $96.63.

Qorvo Stock Up 8.9%

The firm has a market cap of $9.37 billion, a PE ratio of 29.40, a P/E/G ratio of 1.54 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. The firm’s 50-day moving average price is $83.87 and its two-hundred day moving average price is $83.89.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.48. The business had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts expect that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In related news, VP Gina Harrison sold 956 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $95.00, for a total value of $90,820.00. Following the completion of the sale, the vice president owned 29,143 shares in the company, valued at $2,768,585. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of the business. E20 Capital Ltd purchased a new stake in Qorvo in the 1st quarter valued at $21,127,000. Bank of America Corp DE raised its position in Qorvo by 801.4% in the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after purchasing an additional 1,571,303 shares during the last quarter. Janus Henderson Group PLC raised its position in Qorvo by 19.1% in the 1st quarter. Janus Henderson Group PLC now owns 548,859 shares of the semiconductor company’s stock valued at $42,473,000 after purchasing an additional 88,070 shares during the last quarter. Amundi raised its position in Qorvo by 197.2% in the 1st quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after purchasing an additional 512,475 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Qorvo by 21.6% in the 1st quarter. California State Teachers Retirement System now owns 101,540 shares of the semiconductor company’s stock valued at $7,859,000 after purchasing an additional 18,029 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.