Piper Sandler Reiterates Neutral Rating for Qorvo (NASDAQ:QRVO)

Piper Sandler reaffirmed their neutral rating on shares of Qorvo (NASDAQ:QRVO) in a report issued on Wednesday, Benzinga reports. The firm currently has a $120.00 price target on the semiconductor company’s stock, up from their prior price target of $105.00.

A number of other brokerages have also weighed in on QRVO. TD Cowen raised their price objective on Qorvo from $110.00 to $125.00 and gave the company a hold rating in a research note on Wednesday. Mizuho decreased their target price on Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. The Goldman Sachs Group decreased their target price on Qorvo from $117.00 to $105.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Benchmark decreased their target price on Qorvo from $136.00 to $128.00 and set a buy rating for the company in a research report on Thursday, May 2nd. Finally, Susquehanna decreased their target price on Qorvo from $145.00 to $135.00 and set a neutral rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $120.83.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $119.80 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. The business has a 50-day moving average of $112.78 and a two-hundred day moving average of $110.62. Qorvo has a 12 month low of $80.62 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.73% and a negative net margin of 0.66%. The company had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm’s revenue was up 36.2% on a year-over-year basis. On average, analysts anticipate that Qorvo will post 5.07 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the transaction, the chief executive officer now owns 154,714 shares in the company, valued at $15,364,647.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,372 shares of company stock valued at $4,517,858. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. grew its holdings in shares of Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after buying an additional 12,666 shares in the last quarter. FIL Ltd grew its holdings in shares of Qorvo by 4.5% during the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after buying an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after purchasing an additional 71,200 shares in the last quarter. Finally, Leeward Investments LLC MA grew its stake in Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after purchasing an additional 51,850 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.