Morgan Stanley Boosts Qorvo (QRVO) Price Target to $72.00
Qorvo (NASDAQ:QRVO) had its price target increased by equities researchers at Morgan Stanley from $69.00 to $72.00 in a report released on Wednesday. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target indicates a potential upside of 6.37% from the stock’s current price.
QRVO has been the subject of a number of other research reports. Instinet started coverage on Qorvo in a report on Wednesday, September 6th. They set a “neutral” rating and a $75.00 target price for the company. Craig Hallum restated a “buy” rating on shares of Qorvo in a report on Wednesday, September 13th. Mizuho reiterated a “hold” rating and issued a $70.00 price objective on shares of Qorvo in a report on Monday, October 9th. J P Morgan Chase & Co set a $88.00 price objective on Qorvo and gave the stock a “buy” rating in a report on Wednesday, November 15th. Finally, KeyCorp reiterated a “sector perform” rating on shares of Qorvo in a report on Thursday, September 14th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $76.89.
Shares of Qorvo (NASDAQ QRVO) traded down $0.93 during midday trading on Wednesday, hitting $67.69. The stock had a trading volume of 1,913,600 shares, compared to its average volume of 1,510,773. The stock has a market capitalization of $8,724.90, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. Qorvo has a 52 week low of $52.05 and a 52 week high of $81.20.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.52. The firm had revenue of $821.60 million during the quarter, compared to analyst estimates of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 earnings per share. analysts anticipate that Qorvo will post 4.74 EPS for the current year.
In other Qorvo news, Director Walter H. Wilkinson sold 15,925 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the transaction, the director now directly owns 62,480 shares of the company’s stock, valued at $4,999,649.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $73.37, for a total value of $366,850.00. Following the completion of the transaction, the insider now directly owns 202,344 shares in the company, valued at $14,845,979.28. The disclosure for this sale can be found here. Insiders have sold 60,696 shares of company stock worth $4,605,411 over the last ninety days. 0.91% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in QRVO. Penserra Capital Management LLC bought a new position in shares of Qorvo in the third quarter worth about $130,000. Federated Investors Inc. PA raised its stake in shares of Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after buying an additional 90 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Qorvo by 79.9% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock worth $159,000 after buying an additional 1,000 shares during the period. Advisor Group Inc. raised its stake in shares of Qorvo by 5.1% in the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after buying an additional 126 shares during the period. Finally, Global X Management Co. LLC raised its stake in shares of Qorvo by 400.9% in the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock worth $177,000 after buying an additional 2,237 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.
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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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