Qorvo, Inc. (NASDAQ:QRVO) had its price target upped by investment analysts at Canaccord Genuity from $81.00 to $87.00 in a research report issued to clients and investors on Thursday. The firm presently has a “buy” rating on the semiconductor company’s stock. Canaccord Genuity’s target price indicates a potential upside of 14.76% from the company’s current price.

QRVO has been the topic of several other reports. BidaskClub raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Drexel Hamilton reaffirmed a “buy” rating and set a $95.00 price target on shares of Qorvo in a report on Thursday. Craig Hallum lowered shares of Qorvo from a “buy” rating to a “hold” rating and decreased their price target for the company from $78.00 to $71.00 in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price target on shares of Qorvo in a report on Thursday. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, October 11th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.10.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, meeting the 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 1.40% and a positive return on equity of 10.10%. The firm’s revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.29 EPS.

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In other news, VP James L. Klein sold 4,120 shares of the business’s stock in a transaction that occurred on 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 owns 36,358 shares in the company, valued at approximately $2,487,250.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $71.34, for a total transaction of $428,040.00. Following the completion of the transaction, the vice president now owns 120,110 shares in the company, valued at approximately $8,568,647.40. The disclosure for this sale can be found here. Insiders sold a total of 67,080 shares of company stock worth $4,788,693 in the last 90 days. Corporate insiders own 0.91% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Qorvo by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock worth $794,638,000 after purchasing an additional 430,596 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Qorvo during the 2nd quarter valued at $101,456,000. Strs Ohio lifted its position in shares of Qorvo by 1.0% during the 2nd quarter. Strs Ohio now owns 885,830 shares of the semiconductor company’s stock valued at $56,090,000 after acquiring an additional 9,120 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Qorvo by 0.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 800,170 shares of the semiconductor company’s stock valued at $50,667,000 after acquiring an additional 4,998 shares during the period. Finally, State of Tennessee Treasury Department lifted its position in shares of Qorvo by 7.1% during the 3rd quarter. State of Tennessee Treasury Department now owns 744,583 shares of the semiconductor company’s stock valued at $52,627,000 after acquiring an additional 49,553 shares during the period. Hedge funds and other institutional investors own 94.12% of the company’s stock.

About Qorvo

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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