Qorvo (NASDAQ:QRVO) Hits New 12-Month High at $107.50

Shares of Qorvo Inc (NASDAQ:QRVO) hit a new 52-week high during trading on Friday . The stock traded as high as $107.50 and last traded at $106.80, with a volume of 17003 shares trading hands. The stock had previously closed at $105.80.

QRVO has been the topic of a number of recent analyst reports. Cfra raised shares of Qorvo from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Needham & Company LLC upped their price objective on shares of Qorvo from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. set a $110.00 target price on shares of Qorvo and gave the company a “buy” rating in a research note on Friday, November 1st. Piper Jaffray Companies lifted their target price on shares of Qorvo from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, Susquehanna Bancshares lifted their target price on shares of Qorvo from $70.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $91.39.

The firm has a market cap of $12.39 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 2.17 and a beta of 1.19. The stock’s 50-day moving average is $95.69 and its 200-day moving average is $76.57. The company has a quick ratio of 2.37, a current ratio of 3.45 and a debt-to-equity ratio of 0.24.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.22. The firm had revenue of $806.70 million during the quarter, compared to the consensus estimate of $754.67 million. Qorvo had a net margin of 8.19% and a return on equity of 15.10%. The business’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 EPS. As a group, analysts expect that Qorvo Inc will post 4.76 EPS for the current fiscal year.

In related news, VP James L. Klein sold 1,914 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $76.69, for a total value of $146,784.66. Following the completion of the sale, the vice president now owns 51,667 shares in the company, valued at $3,962,342.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David H. Y. Ho sold 10,660 shares of Qorvo stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $102.22, for a total value of $1,089,665.20. Following the sale, the director now directly owns 16,844 shares in the company, valued at $1,721,793.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,992 shares of company stock worth $2,435,409. Insiders own 0.71% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Qorvo by 46.6% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock worth $6,244,000 after purchasing an additional 27,692 shares in the last quarter. NEXT Financial Group Inc boosted its stake in Qorvo by 63.5% during the second quarter. NEXT Financial Group Inc now owns 868 shares of the semiconductor company’s stock worth $58,000 after buying an additional 337 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Qorvo by 2.1% during the second quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock worth $521,000 after buying an additional 158 shares in the last quarter. Wetherby Asset Management Inc. increased its holdings in Qorvo by 10.5% in the 2nd quarter. Wetherby Asset Management Inc. now owns 4,448 shares of the semiconductor company’s stock valued at $296,000 after buying an additional 421 shares during the period. Finally, Creative Planning increased its holdings in Qorvo by 17.8% in the 2nd quarter. Creative Planning now owns 5,692 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 862 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

About Qorvo (NASDAQ:QRVO)

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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