Qorvo, Inc. (NASDAQ:QRVO) PT Raised to $81.00
Qorvo, Inc. (NASDAQ:QRVO) had its price target increased by equities researchers at Canaccord Genuity from $79.00 to $81.00 in a research report issued to clients and investors on Thursday. The firm presently has a “buy” rating on the semiconductor company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 21.09% from the company’s previous close.
Other research analysts have also issued research reports about the company. Benchmark Co. began coverage on Qorvo in a report on Tuesday, April 25th. They set a “buy” rating for the company. MKM Partners reissued a “buy” rating and set a $90.00 price objective (up previously from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Drexel Hamilton reissued a “buy” rating and set a $95.00 price objective on shares of Qorvo in a report on Tuesday. Barclays PLC reissued a “hold” rating and set a $70.00 price objective on shares of Qorvo in a report on Monday, May 15th. Finally, Cowen and Company restated a “market perform” rating and issued a $85.00 target price (up previously from $74.00) on shares of Qorvo in a research report on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $71.48.
Shares of Qorvo (NASDAQ:QRVO) traded up 0.04% on Thursday, reaching $66.89. 2,459,067 shares of the company were exchanged. The stock’s 50-day moving average is $68.08 and its 200 day moving average is $68.64. The firm’s market capitalization is $8.51 billion. Qorvo has a 12-month low of $48.28 and a 12-month high of $79.34.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.39% and a negative net margin of 0.55%. The company had revenue of $640.80 million during the quarter, compared to analyst estimates of $632.18 million. During the same quarter in the previous year, the firm earned $1.08 earnings per share. Qorvo’s revenue was down 8.3% on a year-over-year basis. On average, analysts forecast that Qorvo will post $5.60 EPS for the current year.
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In other Qorvo news, Director Roderick Nelson sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $74.41, for a total value of $148,820.00. Following the completion of the sale, the director now owns 5,907 shares in the company, valued at $439,539.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel A. Dileo sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $74.04, for a total value of $370,200.00. Following the completion of the sale, the director now owns 24,520 shares of the company’s stock, valued at approximately $1,815,460.80. The disclosure for this sale can be found here. Insiders sold 139,586 shares of company stock valued at $10,034,869 in the last quarter. Corporate insiders own 0.91% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in shares of Qorvo during the fourth quarter worth approximately $574,000. UBS Asset Management Americas Inc. increased its position in shares of Qorvo by 2.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 867,182 shares of the semiconductor company’s stock worth $45,725,000 after buying an additional 17,641 shares in the last quarter. Kentucky Retirement Systems acquired a new position in shares of Qorvo during the fourth quarter worth approximately $489,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Qorvo during the fourth quarter worth approximately $218,000. Finally, Chevy Chase Trust Holdings Inc. increased its position in shares of Qorvo by 2.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 109,010 shares of the semiconductor company’s stock worth $7,474,000 after buying an additional 2,279 shares in the last quarter. Institutional investors own 97.51% of the company’s stock.
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).
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