Qorvo (NASDAQ:QRVO) had its target price dropped by analysts at UBS Group from $82.00 to $68.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s target price suggests a potential upside of 10.50% from the company’s current price.
Several other research analysts have also recently commented on QRVO. Canaccord Genuity cut Qorvo from a “buy” rating to a “hold” rating and cut their price target for the stock from $77.00 to $70.00 in a research note on Friday, February 8th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $75.00 price target on shares of Qorvo in a research note on Friday, February 8th. ValuEngine cut Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. BidaskClub cut Qorvo from a “hold” rating to a “sell” rating in a research note on Wednesday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target on shares of Qorvo in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company’s stock. Qorvo presently has an average rating of “Hold” and a consensus target price of $76.73.
NASDAQ:QRVO opened at $61.54 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 3.87. Qorvo has a one year low of $54.74 and a one year high of $86.50. The stock has a market capitalization of $7.52 billion, a P/E ratio of 11.72, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.23. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The business had revenue of $680.88 million for the quarter, compared to analysts’ expectations of $670.59 million. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts predict that Qorvo will post 5.13 earnings per share for the current year.
In other Qorvo news, VP James L. Klein sold 1,914 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $77.16, for a total value of $147,684.24. Following the completion of the sale, the vice president now directly owns 45,374 shares in the company, valued at $3,501,057.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ralph Quinsey sold 209,349 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $69.01, for a total value of $14,447,174.49. Following the completion of the sale, the director now owns 84,242 shares of the company’s stock, valued at $5,813,540.42. The disclosure for this sale can be found here. Insiders have sold 246,024 shares of company stock valued at $17,108,361 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. United Services Automobile Association lifted its position in shares of Qorvo by 7.8% during the 4th quarter. United Services Automobile Association now owns 65,205 shares of the semiconductor company’s stock valued at $3,960,000 after acquiring an additional 4,715 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Qorvo by 4.5% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 59,369 shares of the semiconductor company’s stock valued at $3,606,000 after acquiring an additional 2,554 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Qorvo by 13.9% during the 4th quarter. Fisher Asset Management LLC now owns 1,052,049 shares of the semiconductor company’s stock valued at $63,891,000 after acquiring an additional 128,184 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Qorvo during the 1st quarter valued at $275,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in shares of Qorvo during the 1st quarter valued at $366,000. Hedge funds and other institutional investors own 91.52% of the company’s stock.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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