Qorvo (NASDAQ:QRVO – Get Free Report) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Monday, MarketBeat reports. The brokerage currently has a $110.00 target price on the semiconductor company’s stock, up from their prior target price of $85.00. Piper Sandler’s target price would indicate a potential upside of 28.24% from the company’s current price.
A number of other brokerages also recently commented on QRVO. The Goldman Sachs Group reduced their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Craig Hallum reduced their price objective 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. JPMorgan Chase & Co. lowered their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Loop Capital began coverage on shares of Qorvo in a research note on Monday, November 11th. They set a “hold” rating and a $73.00 price target for the company. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $98.82.
Get Our Latest Analysis on Qorvo
Qorvo Trading Down 2.1 %
Qorvo (NASDAQ:QRVO – Get Free Report) last announced 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. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts predict that Qorvo will post 3.37 EPS for the current year.
Insider Buying and Selling at Qorvo
In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction 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 represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Institutional Investors Weigh In On Qorvo
Institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC raised its position in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Qorvo in the third quarter valued at about $41,000. Versant Capital Management Inc grew its position in shares of Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 104 shares during the last quarter. Finally, CENTRAL TRUST Co raised its position in shares of Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 734 shares during the period. 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.
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