Qorvo, Inc. (NASDAQ:QRVO) had its target price raised by Canaccord Genuity from $81.00 to $87.00 in a research note published on Thursday, November 2nd. The brokerage currently has a buy rating on the semiconductor company’s stock.
A number of other research firms have also weighed in on QRVO. Morgan Stanley lifted their price objective on shares of Qorvo from $68.00 to $69.00 and gave the company an equal weight rating in a research report on Thursday, November 2nd. Needham & Company LLC reiterated a buy rating and issued a $84.00 price objective on shares of Qorvo in a research report on Thursday, November 2nd. Drexel Hamilton reissued a buy rating and issued a $95.00 target price on shares of Qorvo in a report on Thursday, November 2nd. Northland Securities downgraded Qorvo from an outperform rating to a market perform rating in a report on Thursday, November 2nd. Finally, Craig Hallum downgraded Qorvo from a buy rating to a hold rating and reduced their target price for the company from $78.00 to $71.00 in a report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $76.74.
Shares of Qorvo (NASDAQ:QRVO) opened at $80.59 on Thursday. The stock has a market cap of $10,250.00 and a PE ratio of 19.33. Qorvo has a 1 year low of $49.53 and a 1 year high of $81.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.52. The company had revenue of $821.60 million for the quarter, compared to analyst estimates of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm’s revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 earnings per share. research analysts expect that Qorvo will post 4.74 EPS for the current fiscal year.
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In related news, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $73.37, for a total transaction of $440,220.00. Following the completion of the transaction, the vice president now directly owns 106,725 shares in the company, valued at approximately $7,830,413.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Gina Harrison sold 5,000 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $73.41, for a total value of $367,050.00. Following the transaction, the vice president now owns 17,230 shares of the company’s stock, valued at $1,264,854.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,500 shares of company stock worth $3,513,885. Corporate insiders own 0.91% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Qorvo by 16.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock valued at $27,452,000 after buying an additional 59,712 shares during the period. American Century Companies Inc. acquired a new stake in shares of Qorvo in the second quarter valued at $814,000. CHURCHILL MANAGEMENT Corp lifted its holdings in shares of Qorvo by 25.7% in the second quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock valued at $2,369,000 after buying an additional 7,661 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Qorvo by 26.1% during the second quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock valued at $2,725,000 after purchasing an additional 8,911 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Qorvo by 0.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 38,123 shares of the semiconductor company’s stock valued at $2,414,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 92.36% of the company’s stock.
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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