Qorvo (NASDAQ:QRVO) Hits New 12-Month High – What’s Next?

Shares of Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week high during trading on Thursday . The stock traded as high as $109.49 and last traded at $103.91, with a volume of 1354112 shares. The stock had previously closed at $108.23.

Analyst Ratings Changes

Several research firms have commented on QRVO. JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. UBS Group boosted their target price on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Finally, Zacks Research downgraded shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.63.

Qorvo Stock Down 2.7%

The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 1.66 and a beta of 1.42. The stock’s fifty day moving average price is $87.19 and its 200-day moving average price is $84.64.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. The company had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The firm’s revenue was down 7.0% compared to the same quarter last year. During the same period last year, the company earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts predict that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 4,714 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the sale, the vice president owned 24,429 shares in the company, valued at $2,442,900. This trade represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 8,170 shares of company stock valued at $812,220. Corporate insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. E20 Capital Ltd bought a new position in Qorvo during the first quarter worth $21,127,000. Bank of America Corp DE boosted its position in shares of Qorvo by 801.4% in the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after acquiring an additional 1,571,303 shares during the period. Janus Henderson Group PLC boosted its position in shares of Qorvo by 19.1% in the first quarter. Janus Henderson Group PLC now owns 548,859 shares of the semiconductor company’s stock valued at $42,473,000 after acquiring an additional 88,070 shares during the period. Amundi boosted its position in shares of Qorvo by 197.2% in the first quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after acquiring an additional 512,475 shares during the period. Finally, California State Teachers Retirement System boosted its position in shares of Qorvo by 21.6% in the first quarter. California State Teachers Retirement System now owns 101,540 shares of the semiconductor company’s stock valued at $7,859,000 after acquiring an additional 18,029 shares during the period. 88.57% of the stock is owned by institutional investors.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.