Brokerages Set Qorvo, Inc. (NASDAQ:QRVO) Price Target at $110.83

Qorvo, Inc. (NASDAQ:QRVO) has been given a consensus recommendation of “Hold” by the eighteen brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $110.83.

QRVO has been the subject of several recent research reports. Susquehanna dropped their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Qorvo in a research report on Wednesday, June 12th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday. Mizuho dropped their price target on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Finally, Benchmark dropped their price target on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd.

Qorvo Stock Up 3.2 %

NASDAQ QRVO opened at $116.04 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. The firm has a 50-day simple moving average of $104.67 and a 200 day simple moving average of $108.65. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The stock has a market cap of $11.10 billion, a PE ratio of -158.96, a PEG ratio of 1.10 and a beta of 1.44.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter last year, the company earned $0.11 earnings per share. The firm’s revenue was up 48.7% on a year-over-year basis. On average, research analysts forecast that Qorvo will post 5.16 EPS for the current year.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the sale, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John R. Harding sold 941 shares of the firm’s 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 completion of 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. Insiders have sold 45,372 shares of company stock valued at $4,517,858 over the last three months. 0.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Research Global Investors boosted its position in shares of Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after purchasing an additional 93,068 shares in the last quarter. FIL Ltd boosted its position in shares of Qorvo by 4.5% during the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after purchasing an additional 120,213 shares in the last quarter. Boston Partners boosted its position in shares of Qorvo by 0.5% during the fourth quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock worth $161,726,000 after purchasing an additional 6,558 shares in the last quarter. Norges Bank bought a new position in shares of Qorvo during the fourth quarter worth $118,120,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Qorvo by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock worth $103,159,000 after purchasing an additional 22,951 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

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.