Qorvo (NASDAQ:QRVO) Hits New 52-Week High – Still a Buy?

Qorvo, Inc. (NASDAQ:QRVO) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $109.49 and last traded at $103.91, with a volume of 1354112 shares changing hands. The stock had previously closed at $108.23.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Stifel Nicolaus decreased their target price on Qorvo from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, January 28th. Piper Sandler reaffirmed a “neutral” rating on shares of Qorvo in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Qorvo in a research report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $96.63.

Qorvo Trading Down 4.0%

The firm has a market capitalization of $9.15 billion, a P/E ratio of 28.70, a price-to-earnings-growth ratio of 1.69 and a beta of 1.42. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The stock has a 50-day simple moving average of $86.09 and a two-hundred day simple moving average of $84.36.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.21 by $0.48. The firm had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts anticipate that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the transaction, the vice president owned 24,429 shares of the company’s stock, valued at $2,442,900. The trade was a 16.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 8,170 shares of company stock valued at $812,220 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Optimize Financial Inc acquired a new position in shares of Qorvo in the third quarter valued at about $1,349,000. Jain Global LLC increased its holdings in shares of Qorvo by 71.6% in the third quarter. Jain Global LLC now owns 277,219 shares of the semiconductor company’s stock valued at $25,249,000 after purchasing an additional 115,640 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Qorvo by 58.7% in the third quarter. JPMorgan Chase & Co. now owns 313,156 shares of the semiconductor company’s stock valued at $28,522,000 after purchasing an additional 115,890 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Qorvo by 83.6% in the third quarter. Envestnet Asset Management Inc. now owns 40,443 shares of the semiconductor company’s stock valued at $3,684,000 after purchasing an additional 18,415 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Qorvo by 2,687.9% in the fourth quarter. SG Americas Securities LLC now owns 234,464 shares of the semiconductor company’s stock valued at $19,815,000 after purchasing an additional 226,054 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.