Qorvo, Inc. (NASDAQ:QRVO) Receives $94.00 Average PT from Analysts

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned an average rating of “Hold” from the eighteen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $94.00.

QRVO has been the subject of a number of recent research reports. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. TD Cowen reaffirmed a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Citigroup lowered their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Finally, UBS Group raised their price target on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $112.36 on Friday. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.86 and a beta of 1.45. Qorvo has a 52 week low of $74.92 and a 52 week high of $114.28. The company’s 50-day moving average price is $93.27 and its 200 day moving average price is $90.16. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the firm posted $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts forecast that Qorvo will post 6.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In related news, SVP Frank Stewart sold 8,279 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $94.72, for a total transaction of $784,186.88. Following the sale, the senior vice president owned 43,069 shares of the company’s stock, valued at $4,079,495.68. This trade represents a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Steven Creviston sold 4,810 shares of Qorvo stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $485,184.70. Following the sale, the senior vice president owned 119,451 shares of the company’s stock, valued at approximately $12,049,022.37. This represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 54,999 shares of company stock valued at $5,458,714. 0.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its position in shares of Qorvo by 115.5% in the second quarter. The Manufacturers Life Insurance Company now owns 9,518 shares of the semiconductor company’s stock valued at $888,000 after buying an additional 5,102 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Qorvo during the second quarter worth approximately $385,000. Tidal Investments LLC boosted its position in Qorvo by 9.3% during the second quarter. Tidal Investments LLC now owns 67,810 shares of the semiconductor company’s stock worth $6,325,000 after acquiring an additional 5,752 shares during the last quarter. Squarepoint Ops LLC grew its stake in Qorvo by 1.3% in the 2nd quarter. Squarepoint Ops LLC now owns 299,956 shares of the semiconductor company’s stock worth $27,977,000 after acquiring an additional 3,728 shares during the period. Finally, Nykredit A S purchased a new stake in Qorvo in the 2nd quarter worth approximately $296,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

About Qorvo

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.