Qorvo (QRVO) Price Target Raised to $82.00

Qorvo (NASDAQ:QRVO) had its price objective hoisted by DA Davidson from $6.00 to $82.00 in a research note released on Wednesday, May 8th, The Fly reports.

Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered Qorvo from a buy rating to a sell rating in a research note on Tuesday, April 30th. TheStreet raised Qorvo from a c+ rating to a b- rating in a research note on Monday, March 25th. Cowen reissued a market perform rating and set a $75.00 price target (up from $65.00) on shares of Qorvo in a research note on Wednesday, May 8th. Craig Hallum raised Qorvo from a hold rating to a buy rating and decreased their price target for the stock from $74.00 to $72.00 in a research note on Thursday, January 10th. Finally, Canaccord Genuity lowered Qorvo from a buy rating to a hold rating and decreased their price target for the stock from $77.00 to $70.00 in a research note on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $76.86.

NASDAQ QRVO opened at $61.18 on Wednesday. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.32 and a beta of 0.92. Qorvo has a 1-year low of $54.74 and a 1-year high of $86.50. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.87 and a quick ratio of 2.69.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.23. The business had revenue of $680.88 million during the quarter, compared to analyst estimates of $670.59 million. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the company earned $1.07 EPS. As a group, 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 Qorvo stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $68.87, for a total transaction of $206,610.00. Following the completion of the sale, the vice president now owns 55,006 shares of the company’s stock, valued at approximately $3,788,263.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert A. Bruggeworth sold 25,831 shares of Qorvo stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $72.52, for a total value of $1,873,264.12. Following the sale, the insider now directly 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. Over the last 90 days, insiders have sold 36,675 shares of company stock worth $2,661,186. 0.85% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. United Services Automobile Association lifted its holdings in shares of Qorvo by 7.8% in the 4th quarter. United Services Automobile Association now owns 65,205 shares of the semiconductor company’s stock valued at $3,960,000 after buying an additional 4,715 shares during the period. Diversified Trust Co acquired a new position in shares of Qorvo in the 4th quarter valued at about $263,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Qorvo by 4.5% in 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 buying an additional 2,554 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Qorvo by 13.9% in 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 buying an additional 128,184 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Qorvo in the 1st quarter valued at about $275,000. 92.95% of the stock is owned by institutional investors.

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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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