Qorvo, Inc. (QRVO) Rating Reiterated by Drexel Hamilton

Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by stock analysts at Drexel Hamilton in a research note issued on Tuesday, August 1st. They currently have a $95.00 target price on the semiconductor company’s stock. Drexel Hamilton’s price objective would indicate a potential upside of 36.36% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Benchmark Co. initiated coverage on shares of Qorvo in a research report on Tuesday, April 25th. They set a “buy” rating on the stock. DA Davidson downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $70.00 price objective on the stock. in a research report on Thursday, May 4th. Zacks Investment Research downgraded shares of Qorvo from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 21st. Needham & Company LLC lifted their price objective on shares of Qorvo from $70.00 to $86.00 and gave the stock a “buy” rating in a research report on Friday, May 26th. Finally, Barclays PLC lifted their target price on shares of Qorvo from $60.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 18th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. Qorvo has an average rating of “Hold” and an average price target of $73.28.

Shares of Qorvo (QRVO) opened at 69.67 on Tuesday. The company has a 50 day moving average price of $67.92 and a 200-day moving average price of $69.21. Qorvo has a 52-week low of $48.28 and a 52-week high of $79.34. The firm’s market cap is $8.87 billion.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 EPS. On average, analysts expect that Qorvo will post $5.54 earnings per share for the current fiscal year.

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In other news, VP Steven E. Creviston sold 26,911 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $77.00, for a total value of $2,072,147.00. Following the completion of the sale, the vice president now directly owns 153,644 shares of the company’s stock, valued at $11,830,588. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James L. Klein sold 2,600 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total value of $165,074.00. Following the completion of the sale, the vice president now directly owns 40,058 shares of the company’s stock, valued at $2,543,282.42. The disclosure for this sale can be found here. Insiders sold 136,895 shares of company stock worth $9,874,096 over the last quarter. 0.91% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in QRVO. BlackRock Inc. increased its stake in Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after buying an additional 8,477,705 shares during the period. Baupost Group LLC MA acquired a new stake in Qorvo during the first quarter worth approximately $492,639,000. Manning & Napier Advisors LLC purchased a new position in shares of Qorvo during the second quarter worth $101,456,000. Todd Asset Management LLC boosted its position in shares of Qorvo by 182.7% in the first quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock worth $47,947,000 after buying an additional 451,987 shares in the last quarter. Finally, Strs Ohio boosted its position in shares of Qorvo by 105.3% in the first quarter. Strs Ohio now owns 876,710 shares of the semiconductor company’s stock worth $60,107,000 after buying an additional 449,775 shares in the last quarter. 97.09% of the stock is owned by institutional investors.

Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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