Qorvo Inc (NASDAQ:QRVO) Receives $112.71 Average Price Target from Brokerages

Shares of Qorvo Inc (NASDAQ:QRVO) have been given a consensus rating of “Buy” by the twenty-four analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $113.94.

Several research analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of Qorvo from $112.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. Bank of America increased their price target on shares of Qorvo from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. BMO Capital Markets increased their price target on shares of Qorvo to $85.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. Needham & Company LLC increased their price target on shares of Qorvo from $105.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Cfra upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, November 1st.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $104.40, for a total transaction of $199,821.60. Following the completion of the sale, the vice president now directly owns 47,665 shares in the company, valued at approximately $4,976,226. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mark J. Murphy sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $104.40, for a total transaction of $417,600.00. Following the sale, the chief financial officer now owns 105,357 shares of the company’s stock, valued at $10,999,270.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,648 shares of company stock valued at $1,032,114. 0.71% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Boston Partners grew its stake in shares of Qorvo by 0.8% in the third quarter. Boston Partners now owns 3,675,997 shares of the semiconductor company’s stock worth $272,974,000 after acquiring an additional 28,552 shares during the period. Renaissance Technologies LLC grew its stake in shares of Qorvo by 96.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,951,754 shares of the semiconductor company’s stock worth $226,852,000 after acquiring an additional 956,848 shares during the period. Man Group plc grew its stake in shares of Qorvo by 5,205.1% in the third quarter. Man Group plc now owns 1,023,884 shares of the semiconductor company’s stock worth $75,911,000 after acquiring an additional 1,004,584 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Qorvo by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 838,401 shares of the semiconductor company’s stock worth $97,448,000 after acquiring an additional 47,666 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Qorvo by 6.8% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 509,366 shares of the semiconductor company’s stock worth $37,764,000 after acquiring an additional 32,226 shares during the period. Institutional investors and hedge funds own 92.38% of the company’s stock.

Shares of NASDAQ:QRVO traded down $2.56 on Friday, hitting $109.17. The company had a trading volume of 1,649,092 shares, compared to its average volume of 2,048,063. The firm’s 50-day simple moving average is $112.34 and its two-hundred day simple moving average is $92.68. Qorvo has a 1 year low of $58.52 and a 1 year high of $122.37. The company has a quick ratio of 3.23, a current ratio of 4.21 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 37.78, a P/E/G ratio of 1.60 and a beta of 1.24.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, January 29th. The semiconductor company reported $1.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.40. Qorvo had a net margin of 11.03% and a return on equity of 14.97%. The firm had revenue of $869.10 million during the quarter, compared to analysts’ expectations of $852.62 million. During the same period last year, the company posted $1.85 EPS. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities research analysts anticipate that Qorvo will post 5.57 EPS for the current year.

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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