Qorvo, Inc. (NASDAQ:QRVO) Receives Average Recommendation of “Hold” from Analysts

Qorvo, Inc. (NASDAQ:QRVO) has received an average rating of “Hold” from the sixteen brokerages that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $121.00.

A number of equities research analysts have issued reports on QRVO shares. Barclays increased their price target on Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Needham & Company LLC increased their price target on Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Susquehanna reduced their price target on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $120.00 price target (up previously from $105.00) on shares of Qorvo in a research report on Wednesday, July 31st. Finally, Craig Hallum increased their price target on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in shares of Qorvo by 9.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,040 shares of the semiconductor company’s stock valued at $211,000 after purchasing an additional 172 shares during the last quarter. Czech National Bank grew its stake in shares of Qorvo by 5.0% in the 3rd quarter. Czech National Bank now owns 19,324 shares of the semiconductor company’s stock valued at $1,996,000 after purchasing an additional 926 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Qorvo by 123.6% in the 3rd quarter. SG Americas Securities LLC now owns 64,879 shares of the semiconductor company’s stock valued at $6,702,000 after purchasing an additional 35,859 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Qorvo in the 2nd quarter valued at approximately $20,887,000. Finally, American Trust grew its stake in shares of Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after purchasing an additional 115 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO opened at $100.41 on Friday. The stock’s 50-day moving average price is $106.96 and its 200 day moving average price is $109.28. Qorvo has a 12-month low of $80.62 and a 12-month high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of -137.55, a PEG ratio of 1.23 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same quarter in the prior year, the company earned $0.03 EPS. Qorvo’s revenue was up 36.2% on a year-over-year basis. As a group, sell-side analysts expect that Qorvo will post 4.84 earnings per share for the current year.

About Qorvo

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.