Equities research analysts at Benchmark initiated coverage on shares of Qorvo (NASDAQ:QRVO) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “buy” rating and a $90.00 price target on the semiconductor company’s stock. Benchmark’s target price suggests a potential upside of 18.00% from the stock’s current price.
Several other analysts have also commented on the stock. Morgan Stanley increased their target price on shares of Qorvo from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Mizuho set a $70.00 target price on shares of Qorvo and gave the company a “hold” rating in a research note on Friday, August 2nd. UBS Group increased their target price on shares of Qorvo from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Qorvo in a research note on Monday, August 5th. Finally, Craig Hallum reissued a “buy” rating and set a $85.00 target price (up from $75.00) on shares of Qorvo in a research note on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Qorvo has an average rating of “Hold” and an average target price of $77.45.
Qorvo stock opened at $76.27 on Thursday. The firm has a 50 day simple moving average of $72.38 and a 200-day simple moving average of $70.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.44 and a quick ratio of 2.30. The stock has a market capitalization of $8.95 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09. Qorvo has a 12-month low of $54.74 and a 12-month high of $79.29.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.23. The business had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The business’s revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. On average, analysts forecast that Qorvo will post 4.3 earnings per share for the current fiscal year.
In other news, Director Roderick Nelson sold 500 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $69.85, for a total transaction of $34,925.00. Following the transaction, the director now owns 4,782 shares in the company, valued at approximately $334,022.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP James L. Klein sold 1,914 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $61.71, for a total transaction of $118,112.94. Following the transaction, the vice president now owns 51,945 shares in the company, valued at approximately $3,205,525.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,633 shares of company stock worth $2,312,438. 0.71% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Arlington Partners LLC acquired a new stake in Qorvo in the 2nd quarter worth $29,000. Pearl River Capital LLC bought a new position in Qorvo during the 2nd quarter valued at about $42,000. Quantamental Technologies LLC bought a new position in Qorvo during the 2nd quarter valued at about $42,000. Griffin Asset Management Inc. bought a new position in Qorvo during the 2nd quarter valued at about $42,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Qorvo by 60.9% during the 2nd quarter. CSat Investment Advisory L.P. now owns 806 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 91.52% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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