Qorvo, Inc. (NASDAQ:QRVO) had its target price lifted by research analysts at Citigroup Inc. from $69.00 to $75.00 in a research report issued to clients and investors on Friday. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Citigroup Inc.’s price target indicates a potential upside of 1.57% from the stock’s previous close.

Several other equities research analysts also recently weighed in on QRVO. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price target on shares of Qorvo in a research report on Thursday. Drexel Hamilton restated a “buy” rating and set a $95.00 target price on shares of Qorvo in a research report on Thursday. Morgan Stanley raised their target price on Qorvo from $68.00 to $69.00 and gave the company an “equal weight” rating in a research report on Thursday. Canaccord Genuity raised their target price on Qorvo from $81.00 to $87.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Mizuho restated a “hold” rating and set a $70.00 target price on shares of Qorvo in a research report on Friday, August 4th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $73.81.

Qorvo (QRVO) traded down $0.62 during trading on Friday, reaching $73.84. 2,903,150 shares of the company’s stock were exchanged, compared to its average volume of 1,147,466. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.75 and a current ratio of 3.80. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 18.58, a P/E/G ratio of 1.19 and a beta of 1.03.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $821.60 million for the quarter, compared to the consensus estimate of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. analysts forecast that Qorvo will post 4.83 earnings per share for the current year.

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In other news, VP James L. Klein sold 4,120 shares of Qorvo stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $68.41, for a total transaction of $281,849.20. Following the sale, the vice president now owns 36,358 shares of the company’s stock, valued at approximately $2,487,250.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gina Harrison sold 5,000 shares of Qorvo stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $73.41, for a total transaction of $367,050.00. Following the sale, the vice president now directly owns 17,230 shares in the company, valued at approximately $1,264,854.30. The disclosure for this sale can be found here. Insiders sold a total of 67,080 shares of company stock worth $4,788,693 over the last three months. Corporate insiders own 0.91% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new stake in shares of Qorvo during the 3rd quarter valued at approximately $130,000. Federated Investors Inc. PA raised its position in shares of Qorvo by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 90 shares during the period. NEXT Financial Group Inc raised its position in shares of Qorvo by 2.1% during the 2nd quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after buying an additional 49 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Qorvo by 79.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 1,000 shares during the period. Finally, Advisor Group Inc. raised its position in shares of Qorvo by 5.1% during the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 126 shares during the period. 94.12% of the stock is currently owned by hedge funds and other 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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