Qorvo, Inc. (NASDAQ:QRVO) had its target price raised by research analysts at Morgan Stanley from $68.00 to $69.00 in a research note issued on Thursday. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective points to a potential downside of 8.98% from the company’s current price.

Several other equities research analysts also recently commented on the company. Nomura initiated coverage on Qorvo in a report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 price objective for the company. Instinet initiated coverage on Qorvo in a report on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $86.00 price objective on shares of Qorvo in a report on Sunday, September 17th. Zacks Investment Research downgraded Qorvo from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Finally, Craig Hallum reiterated a “buy” rating on shares of Qorvo in a report on Wednesday, September 13th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $73.10.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting the consensus estimate of $1.52. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same period last year, the company earned $1.29 EPS. Qorvo’s revenue for the quarter was down 5.0% on a year-over-year basis.

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In other news, insider Robert A. Bruggeworth sold 6,769 shares of Qorvo stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $71.34, for a total transaction of $482,900.46. Following the transaction, the insider now directly owns 219,719 shares of the company’s stock, valued at approximately $15,674,753.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP James L. Klein sold 4,120 shares of Qorvo stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $68.41, for a total value of $281,849.20. Following the transaction, the vice president now directly owns 36,358 shares in the company, valued at $2,487,250.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,080 shares of company stock worth $4,788,693. Insiders own 0.91% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Qorvo by 79.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock worth $159,000 after purchasing an additional 1,000 shares in the last quarter. State of Tennessee Treasury Department lifted its holdings in Qorvo by 7.1% in the 3rd quarter. State of Tennessee Treasury Department now owns 744,583 shares of the semiconductor company’s stock worth $52,627,000 after purchasing an additional 49,553 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Qorvo by 1.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 199,072 shares of the semiconductor company’s stock worth $14,070,000 after purchasing an additional 2,000 shares in the last quarter. Warren Averett Asset Management LLC lifted its holdings in Qorvo by 71.3% in the 3rd quarter. Warren Averett Asset Management LLC now owns 17,579 shares of the semiconductor company’s stock worth $1,242,000 after purchasing an additional 7,315 shares in the last quarter. Finally, Bremer Trust National Association lifted its holdings in Qorvo by 30.7% in the 3rd quarter. Bremer Trust National Association now owns 24,710 shares of the semiconductor company’s stock worth $1,747,000 after purchasing an additional 5,803 shares in the last quarter. 94.12% of the stock is currently owned by institutional investors.

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).

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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