Qorvo, Inc. (NASDAQ:QRVO) Stock Has Average Price Target of $94.00

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been given a consensus rating of “Hold” by the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $91.45.

Several brokerages recently issued reports on QRVO. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. UBS Group upped their price objective on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Citigroup decreased their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Finally, TD Cowen reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th.

Qorvo Stock Performance

Qorvo stock opened at $114.17 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The stock has a fifty day moving average price of $110.56 and a two-hundred day moving average price of $93.35. Qorvo has a 52-week low of $74.92 and a 52-week high of $121.09. The firm has a market capitalization of $10.07 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.98 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same quarter in the previous year, the company earned $0.92 EPS. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, analysts anticipate that Qorvo will post 6.42 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Steven E. Creviston sold 4,810 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $116.56, for a total value of $560,653.60. Following the transaction, the senior vice president owned 114,641 shares of the company’s stock, valued at approximately $13,362,554.96. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Frank P. Stewart sold 8,279 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $94.72, for a total value of $784,186.88. Following the sale, the senior vice president owned 43,069 shares in the company, valued at $4,079,495.68. The trade was a 16.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 62,309 shares of company stock worth $6,304,642 over the last 90 days. Company insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new position in Qorvo during the 2nd quarter worth approximately $32,000. Elevation Wealth Partners LLC grew its holdings in Qorvo by 301.0% during the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 310 shares during the period. Ameritas Advisory Services LLC acquired a new position in Qorvo during the second quarter valued at approximately $43,000. Pension & Wealth Management Advisors Inc. bought a new stake in Qorvo in the third quarter valued at approximately $47,000. Finally, Root Financial Partners LLC bought a new stake in Qorvo in the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a semiconductor company that develops radio-frequency (RF) and power-management solutions for wireless connectivity and other electronic systems. Its products include RF amplifiers, filters, switches, integrated modules, power amplifiers, and related components used to transmit, receive, and manage radio signals.

The company serves a range of markets, including smartphones and other mobile devices, wireless infrastructure, Wi-Fi and broadband equipment, automotive systems, Internet of Things devices, aerospace and defense applications, and industrial electronics.