Craig Hallum Increases Qorvo (NASDAQ:QRVO) Price Target to $142.00

Qorvo (NASDAQ:QRVO) had its price target lifted by investment analysts at Craig Hallum from $124.00 to $142.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Craig Hallum’s price objective indicates a potential upside of 28.33% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Susquehanna boosted their target price on shares of Qorvo from $95.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Mizuho lowered their target price on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Qorvo in a research note on Wednesday, June 12th. The Goldman Sachs Group lowered their target price on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $105.00 price target on shares of Qorvo in a research report on Wednesday, June 12th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $120.83.

Qorvo Stock Performance

NASDAQ:QRVO opened at $110.65 on Wednesday. The company has a fifty day simple moving average of $113.19 and a two-hundred day simple moving average of $110.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.71 by $0.16. The business had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.73%. The company’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Sell-side analysts predict that Qorvo will post 5.07 earnings per share for the current year.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert A. Bruggeworth sold 4,721 shares of Qorvo stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares of the company’s stock, valued at $20,544,000. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock worth $4,517,858. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. grew its stake in Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares during the period. FIL Ltd grew its stake in Qorvo by 4.5% in the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after acquiring an additional 120,213 shares during the period. Daiwa Securities Group Inc. grew its stake in Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after acquiring an additional 4,072 shares during the period. Canada Pension Plan Investment Board grew its stake in Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after acquiring an additional 71,200 shares during the period. Finally, Leeward Investments LLC MA grew its stake in Qorvo by 50.6% in the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after acquiring an additional 51,850 shares during the period. 88.57% of the stock is owned by hedge funds and other 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.