Morgan Stanley Increases Qorvo (NASDAQ:QRVO) Price Target to $150.00

Qorvo (NASDAQ:QRVO) had its price objective raised by Morgan Stanley from $130.00 to $150.00 in a report published on Thursday morning, The Fly reports. Morgan Stanley currently has an overweight rating on the semiconductor company’s stock.

A number of other analysts also recently issued reports on the stock. Piper Sandler raised their price target on shares of Qorvo from $130.00 to $150.00 and gave the stock an overweight rating in a report on Thursday. Bank of America reiterated a buy rating on shares of Qorvo in a report on Thursday, May 21st. BidaskClub raised shares of Qorvo from a buy rating to a strong-buy rating in a research report on Saturday, June 6th. Loop Capital assumed coverage on shares of Qorvo in a research report on Friday, May 8th. They issued a buy rating and a $120.00 price target for the company. Finally, Oppenheimer raised shares of Qorvo from a market perform rating to an outperform rating and set a $150.00 price target for the company in a research report on Thursday. Six investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $121.36.

Shares of NASDAQ QRVO traded down $0.52 during midday trading on Thursday, reaching $128.15. 2,097,060 shares of the stock were exchanged, compared to its average volume of 1,398,244. The company has a 50 day simple moving average of $112.02 and a 200 day simple moving average of $101.04. The stock has a market capitalization of $14.66 billion, a P/E ratio of 21.79, a PEG ratio of 2.63 and a beta of 1.41. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.18 and a current ratio of 4.08. Qorvo has a twelve month low of $67.54 and a twelve month high of $130.86.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.37. The business had revenue of $787.50 million during the quarter, compared to the consensus estimate of $729.91 million. Qorvo had a net margin of 12.05% and a return on equity of 16.10%. The business’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.36 EPS. On average, research analysts expect that Qorvo will post 4.73 earnings per share for the current year.

In related news, VP Gina Harrison sold 1,328 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $115.53, for a total value of $153,423.84. Also, VP Steven E. Creviston sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $102.76, for a total transaction of $205,520.00. Following the completion of the sale, the vice president now directly owns 53,444 shares of the company’s stock, valued at $5,491,905.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,877 shares of company stock valued at $3,409,446. 0.66% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in QRVO. Amundi Pioneer Asset Management Inc. lifted its position in Qorvo by 46.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock valued at $6,244,000 after acquiring an additional 27,692 shares during the last quarter. Guggenheim Capital LLC increased its stake in Qorvo by 115.5% in the fourth quarter. Guggenheim Capital LLC now owns 132,281 shares of the semiconductor company’s stock valued at $15,375,000 after purchasing an additional 70,911 shares during the period. Captrust Financial Advisors increased its stake in Qorvo by 1,617.5% in the fourth quarter. Captrust Financial Advisors now owns 1,769 shares of the semiconductor company’s stock valued at $205,000 after purchasing an additional 1,666 shares during the period. Redpoint Investment Management Pty Ltd acquired a new position in Qorvo in the fourth quarter valued at $440,000. Finally, Sunbelt Securities Inc. acquired a new position in Qorvo in the fourth quarter valued at $13,163,000. 88.02% of the stock is owned by hedge funds and other institutional investors.

About Qorvo

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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