TD Cowen Boosts Qorvo (NASDAQ:QRVO) Price Target to $125.00

Qorvo (NASDAQ:QRVO) had its target price boosted by TD Cowen from $110.00 to $125.00 in a research report released on Wednesday, Marketbeat Ratings reports. TD Cowen currently has a hold rating on the semiconductor company’s stock.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research report on Thursday, May 2nd. Rosenblatt Securities restated a neutral rating and set a $105.00 target price on shares of Qorvo in a research report on Wednesday, June 12th. Mizuho decreased their target price on shares of Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research report on Thursday, May 2nd. Susquehanna lifted their price target on Qorvo from $95.00 to $145.00 and gave the stock a neutral rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price target on Qorvo from $100.00 to $125.00 and gave the stock an equal weight rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $120.83.

Qorvo Price Performance

NASDAQ:QRVO opened at $107.93 on Wednesday. The firm’s fifty day moving average price is $113.66 and its 200 day moving average price is $110.72. Qorvo has a 1-year low of $80.62 and a 1-year high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same period last year, the firm posted $0.03 EPS. Qorvo’s quarterly revenue was up 36.2% on a year-over-year basis. Sell-side analysts anticipate that Qorvo will post 5.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value of $1,527,900.00. Following the completion of the transaction, the chief executive officer now owns 190,161 shares in the company, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Robert A. Bruggeworth sold 15,279 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the completion of the transaction, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Paul J. Fego sold 2,132 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $211,728.92. Following the transaction, the senior vice president now owns 25,201 shares of the company’s stock, valued at $2,502,711.31. The disclosure for this sale can be found here. Insiders sold a total of 45,372 shares of company stock worth $4,517,858 in the last 90 days. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Several institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Qorvo during the 4th quarter valued at approximately $118,120,000. Balyasny Asset Management L.P. raised its position in shares of Qorvo by 161.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after acquiring an additional 529,309 shares in the last quarter. Panagora Asset Management Inc. raised its position in shares of Qorvo by 119.4% during the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after acquiring an additional 316,172 shares in the last quarter. KBC Group NV raised its position in shares of Qorvo by 3,169.2% during the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock valued at $33,674,000 after acquiring an additional 289,885 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after acquiring an additional 272,872 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.