Qorvo (NASDAQ:QRVO) Sets New 12-Month High – Should You Buy?

Qorvo, Inc. (NASDAQ:QRVO)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $120.76 and last traded at $117.30, with a volume of 95631 shares traded. The stock had previously closed at $119.51.

Analyst Ratings Changes

Several equities research analysts have commented on QRVO shares. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Citigroup reduced their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. UBS Group lifted their price target on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, TD Cowen reissued a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $94.00.

Qorvo Stock Performance

The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average is $96.22 and its two-hundred day moving average is $91.31. The firm has a market capitalization of $10.41 billion, a price-to-earnings ratio of 27.37, a P/E/G ratio of 1.97 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to analysts’ expectations of $743.28 million. During the same quarter last year, the company posted $0.92 earnings per share. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts predict that Qorvo, Inc. will post 6.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Grant Brown sold 5,179 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the sale, the chief financial officer directly owned 49,268 shares in the company, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Steven Creviston sold 4,810 shares of Qorvo stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $116.56, for a total value of $560,653.60. Following the transaction, the senior vice president owned 114,641 shares of the company’s stock, valued at $13,362,554.96. The trade was a 4.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,309 shares of company stock worth $6,304,642 in the last three months. Insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Qorvo in the second quarter valued at about $942,610,000. Bank of America Corp DE acquired a new position in shares of Qorvo in the second quarter valued at approximately $182,131,000. Dimensional Fund Advisors LP grew its position in shares of Qorvo by 16.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock valued at $168,842,000 after purchasing an additional 311,645 shares during the last quarter. LSV Asset Management increased its stake in shares of Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after purchasing an additional 34,605 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Qorvo by 435.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,183,896 shares of the semiconductor company’s stock worth $110,422,000 after purchasing an additional 962,593 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.