Craig Hallum restated their buy rating on shares of Qorvo (NASDAQ:QRVO) in a research note released on Friday morning, Briefing.com Automated Import reports. The brokerage currently has a $85.00 price objective on the semiconductor company’s stock, up from their prior price objective of $75.00.
A number of other brokerages have also weighed in on QRVO. UBS Group dropped their price objective on shares of Qorvo from $82.00 to $68.00 and set a neutral rating on the stock in a report on Wednesday, May 22nd. Cowen reaffirmed a market perform rating and issued a $75.00 price target (up from $65.00) on shares of Qorvo in a report on Friday. Canaccord Genuity reaffirmed a buy rating and issued a $76.00 price target (down from $87.00) on shares of Qorvo in a report on Tuesday, May 21st. DA Davidson lowered their price target on shares of Qorvo to $66.00 and set a neutral rating on the stock in a report on Thursday, May 23rd. Finally, Morgan Stanley lowered their price target on shares of Qorvo from $73.00 to $67.00 and set an equal weight rating on the stock in a report on Friday, May 24th. Fourteen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Qorvo currently has an average rating of Hold and a consensus price target of $76.86.
Shares of QRVO stock traded down $2.50 during trading hours on Friday, reaching $68.40. 843,506 shares of the company’s stock were exchanged, compared to its average volume of 1,102,848. The business’s 50 day moving average price is $69.10. The stock has a market cap of $8.13 billion, a P/E ratio of 13.03, a price-to-earnings-growth ratio of 2.16 and a beta of 1.09. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.21. Qorvo has a fifty-two week low of $54.74 and a fifty-two week high of $86.50.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.23. The firm had revenue of $775.60 million for the quarter, compared to analyst estimates of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.61%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. On average, equities research analysts forecast that Qorvo will post 4.12 EPS for the current fiscal year.
In other Qorvo news, VP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $74.84, for a total value of $224,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Bruggeworth sold 25,831 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total transaction of $1,873,264.12. Following the completion of the sale, the insider now owns 201,794 shares of the company’s stock, valued at approximately $14,634,100.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,573 shares of company stock valued at $2,488,757. 0.71% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in QRVO. Arlington Partners LLC acquired a new stake in shares of Qorvo during the 2nd quarter worth approximately $29,000. Lavaca Capital LLC acquired a new stake in shares of Qorvo during the 1st quarter worth approximately $45,000. NEXT Financial Group Inc increased its holdings in shares of Qorvo by 63.5% during the 2nd quarter. NEXT Financial Group Inc now owns 868 shares of the semiconductor company’s stock worth $58,000 after buying an additional 337 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in shares of Qorvo during the 1st quarter worth approximately $107,000. Finally, Winslow Evans & Crocker Inc. increased its holdings in shares of Qorvo by 865.9% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 1,700 shares of the semiconductor company’s stock worth $122,000 after buying an additional 1,524 shares during the last quarter. Institutional investors own 93.77% of the company’s stock.
Qorvo Company Profile
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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