Analysts Set Qorvo, Inc. (NASDAQ:QRVO) Price Target at $102.88

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been given an average recommendation of “Hold” by the seventeen analysts that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $102.88.

Several research analysts have issued reports on the company. Piper Sandler reduced their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group raised their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Wednesday, October 30th. Finally, TD Cowen reduced their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Vulcan Value Partners LLC boosted its position in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after acquiring an additional 550,111 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after purchasing an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Qorvo by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after buying an additional 160,534 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

NASDAQ QRVO opened at $69.71 on Friday. Qorvo has a 1-year low of $64.98 and a 1-year high of $130.99. The company has a 50 day moving average of $90.08 and a 200-day moving average of $103.14. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of -47.75, a PEG ratio of 5.55 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.99 earnings per share. On average, equities analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal 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.