Qorvo (NASDAQ:QRVO) PT Raised to $150.00 at Piper Sandler

Qorvo (NASDAQ:QRVO) had its price target hoisted by Piper Sandler from $130.00 to $150.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on QRVO. Morgan Stanley raised Qorvo from an equal weight rating to an overweight rating and set a $130.00 price objective for the company in a research note on Tuesday, June 16th. Raymond James lifted their price target on Qorvo from $120.00 to $130.00 and gave the stock an outperform rating in a report on Friday, May 8th. BidaskClub upgraded Qorvo from a buy rating to a strong-buy rating in a research note on Saturday, June 6th. Needham & Company LLC lifted their price target on Qorvo from $150.00 to $160.00 and gave the company a buy rating in a research report on Tuesday, July 21st. Finally, Cowen boosted their target price on Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a research report on Monday, June 15th. Six equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $121.36.

Qorvo stock traded down $0.52 during trading hours on Thursday, hitting $128.15. The stock had a trading volume of 2,097,060 shares, compared to its average volume of 1,398,244. The company has a quick ratio of 2.18, a current ratio of 4.08 and a debt-to-equity ratio of 0.43. The stock has a market cap of $14.66 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 2.63 and a beta of 1.41. Qorvo has a one year low of $67.54 and a one year high of $130.86. The business’s 50 day simple moving average is $112.02 and its 200-day simple moving average is $101.04.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.37. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The company had revenue of $787.50 million during the quarter, compared to analysts’ expectations of $729.91 million. During the same quarter in the prior year, the firm posted $1.36 earnings per share. The business’s quarterly revenue was up 1.5% on a year-over-year basis. Research analysts anticipate that Qorvo will post 4.73 EPS for the current fiscal year.

In other Qorvo news, VP James L. Klein sold 1,440 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $109.15, for a total transaction of $157,176.00. Also, VP Steven E. Creviston sold 2,000 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $113.15, for a total transaction of $226,300.00. Following the transaction, the vice president now directly owns 65,018 shares in the company, valued at $7,356,786.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,877 shares of company stock worth $3,409,446. 0.66% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of QRVO. Amundi Pioneer Asset Management Inc. lifted its stake in shares of 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 purchasing an additional 27,692 shares during the period. Guggenheim Capital LLC raised its position in Qorvo by 115.5% during the fourth quarter. Guggenheim Capital LLC now owns 132,281 shares of the semiconductor company’s stock worth $15,375,000 after acquiring an additional 70,911 shares during the last quarter. Captrust Financial Advisors raised its position in Qorvo by 1,617.5% during the fourth quarter. Captrust Financial Advisors now owns 1,769 shares of the semiconductor company’s stock worth $205,000 after acquiring an additional 1,666 shares during the last quarter. Redpoint Investment Management Pty Ltd acquired a new position in Qorvo during the fourth quarter worth about $440,000. Finally, Sunbelt Securities Inc. acquired a new position in Qorvo during the fourth quarter worth about $13,163,000. 88.02% of the stock is currently owned by institutional investors and hedge funds.

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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