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

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned an average rating of “Hold” from the eighteen brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $110.83.

A number of research firms recently issued reports on QRVO. Barclays reduced their price objective on Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price target on shares of Qorvo in a report on Wednesday, June 12th. Rosenblatt Securities restated a “neutral” rating and issued a $105.00 price objective on shares of Qorvo in a report on Wednesday, June 12th. Benchmark reduced their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th.

Insiders Place Their Bets

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John R. Harding sold 941 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the sale, the director now directly owns 6,950 shares in the company, valued at $676,652. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The stock was 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 owns 154,714 shares in the company, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock worth $4,517,858 in the last ninety days. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently made changes to their positions in QRVO. Park Place Capital Corp raised its position in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares in the last quarter. Riverview Trust Co bought a new stake in Qorvo in the first quarter valued at $40,000. Fidelis Capital Partners LLC acquired a new position in Qorvo during the first quarter worth $58,000. Finally, GAMMA Investing LLC bought a new position in shares of Qorvo during the fourth quarter valued at $104,000. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

NASDAQ QRVO opened at $116.04 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of -158.96, a price-to-earnings-growth ratio of 1.12 and a beta of 1.44. The company has a 50 day simple moving average of $104.67 and a 200-day simple moving average of $108.67. Qorvo has a 52-week low of $80.62 and a 52-week high of $121.65.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data 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. The firm had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 EPS. Equities research analysts predict that Qorvo will post 5.16 earnings per share for the current fiscal year.

Qorvo Company Profile

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.