Analysts Set Qorvo Inc (QRVO) Price Target at $73.39
Qorvo Inc (NASDAQ:QRVO) has received a consensus recommendation of “Hold” from the twenty-eight brokerages that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $73.39.
Several research firms have recently commented on QRVO. Nomura began coverage on Qorvo in a report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 price objective on the stock. BidaskClub upgraded Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. KeyCorp reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, October 11th. Zacks Investment Research downgraded Qorvo from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $95.00 price objective on shares of Qorvo in a report on Tuesday, August 1st.
Qorvo (NASDAQ QRVO) traded up 0.19% during midday trading on Wednesday, hitting $72.53. The company’s stock had a trading volume of 721,430 shares. The stock has a 50 day moving average of $72.06 and a 200 day moving average of $70.71. The company’s market cap is $9.23 billion. Qorvo has a 52-week low of $48.28 and a 52-week high of $79.34.
Qorvo (NASDAQ:QRVO) last released 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. The firm had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a negative return on equity of 2.50% and a negative net margin of 4.78%. The company’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, equities analysts expect that Qorvo will post $5.53 EPS for the current year.
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In other news, Director John R. Harding sold 3,260 shares of Qorvo stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $71.79, for a total transaction of $234,035.40. Following the completion of the transaction, the director now directly owns 6,322 shares in the company, valued at $453,856.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Bruggeworth sold 6,769 shares of Qorvo stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $71.34, for a total transaction of $482,900.46. Following the transaction, the insider now owns 219,719 shares of the company’s stock, valued at $15,674,753.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,080 shares of company stock worth $3,993,723. Insiders own 0.91% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Qorvo by 3.6% during the second quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after purchasing an additional 430,596 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Qorvo by 3,264.5% during the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock valued at $599,038,000 after purchasing an additional 8,477,705 shares during the last quarter. Baupost Group LLC MA purchased a new position in shares of Qorvo during the first quarter valued at approximately $492,639,000. State Street Corp lifted its holdings in shares of Qorvo by 1.8% during the first quarter. State Street Corp now owns 5,527,332 shares of the semiconductor company’s stock valued at $378,951,000 after purchasing an additional 98,614 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in shares of Qorvo during the second quarter valued at approximately $101,456,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.
Qorvo Company Profile
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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