Qorvo (QRVO) PT Raised to $72.00

Qorvo (NASDAQ:QRVO) had its price target raised by equities researchers at Morgan Stanley from $69.00 to $72.00 in a report issued on Wednesday. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price would indicate a potential upside of 6.37% from the company’s current price.

A number of other research firms also recently commented on QRVO. J P Morgan Chase & Co set a $88.00 price objective on shares of Qorvo and gave the company a “buy” rating in a research note on Wednesday, November 15th. Drexel Hamilton reiterated a “buy” rating and set a $95.00 price objective on shares of Qorvo in a research note on Thursday, November 2nd. Northland Securities downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 2nd. Craig Hallum downgraded shares of Qorvo from a “buy” rating to a “hold” rating and reduced their price objective for the company from $78.00 to $71.00 in a research note on Thursday, November 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $84.00 price objective on shares of Qorvo in a research note on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. Qorvo currently has an average rating of “Hold” and an average price target of $76.89.

Shares of Qorvo (NASDAQ:QRVO) traded down $0.93 during mid-day trading on Wednesday, hitting $67.69. 1,913,600 shares of the stock traded hands, compared to its average volume of 1,510,773. The stock has a market capitalization of $8,724.90, a P/E ratio of 17.16, a PEG ratio of 1.16 and a beta of 1.02. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. Qorvo has a fifty-two week low of $52.05 and a fifty-two week high of $81.20.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm had revenue of $821.60 million for the quarter, compared to the consensus estimate of $810.47 million. During the same period in the prior year, the firm posted $1.29 EPS. The firm’s revenue was down 5.0% compared to the same quarter last year. research analysts forecast that Qorvo will post 4.74 EPS for the current fiscal year.

In related news, VP Gina Harrison sold 1,000 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $71.53, for a total value of $71,530.00. Following the sale, the vice president now owns 15,954 shares of the company’s stock, valued at approximately $1,141,189.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Walter H. Wilkinson sold 15,925 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,274,318.50. Following the completion of the sale, the director now directly owns 62,480 shares in the company, valued at approximately $4,999,649.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,696 shares of company stock worth $4,605,411. Insiders own 0.91% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Qorvo by 0.7% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,442 shares of the semiconductor company’s stock worth $598,000 after acquiring an additional 62 shares during the period. Federated Investors Inc. PA increased its holdings in shares of Qorvo by 4.0% in the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 90 shares during the period. Sentry Investment Management LLC increased its holdings in shares of Qorvo by 1.4% in the 2nd quarter. Sentry Investment Management LLC now owns 6,648 shares of the semiconductor company’s stock worth $421,000 after acquiring an additional 95 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Qorvo by 1.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 7,526 shares of the semiconductor company’s stock worth $477,000 after acquiring an additional 111 shares during the period. Finally, Advisor Group Inc. increased its holdings in shares of Qorvo by 5.1% in the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 126 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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About Qorvo

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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