Qorvo (NASDAQ:QRVO) had its price target hoisted by research analysts at Canaccord Genuity from $81.00 to $89.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Canaccord Genuity’s target price indicates a potential upside of 7.23% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the company. Oppenheimer reiterated a “hold” rating on shares of Qorvo in a report on Thursday. BMO Capital Markets boosted their price target on Qorvo from $63.00 to $70.00 and gave the company a “market perform” rating in a report on Thursday. Morgan Stanley upped their price objective on Qorvo from $70.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Thursday. Barclays upped their price objective on Qorvo from $75.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Nomura upgraded Qorvo from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Thursday. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $79.60.
Shares of Qorvo (QRVO) traded up $11.23 during midday trading on Thursday, hitting $83.00. The stock had a trading volume of 8,281,002 shares, compared to its average volume of 2,346,266. Qorvo has a 1-year low of $61.12 and a 1-year high of $85.24. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. The company has a market cap of $10,400.00 and a P/E ratio of -593.15.
In other news, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total value of $428,220.00. Following the completion of the transaction, the vice president now owns 82,725 shares of the company’s stock, valued at $5,904,083.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel A. Dileo sold 2,500 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $80.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $369,760. The disclosure for this sale can be found here. In the last three months, insiders sold 53,096 shares of company stock valued at $3,968,257. Company insiders own 0.91% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC bought a new position in shares of Qorvo in the third quarter worth $130,000. Harel Insurance Investments & Financial Services Ltd. grew 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 purchasing an additional 1,000 shares in the last quarter. Advisor Group Inc. grew 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 purchasing an additional 126 shares in the last quarter. Achmea Investment Management B.V. bought a new position in shares of Qorvo in the second quarter worth $188,000. Finally, Zeke Capital Advisors LLC bought a new position in shares of Qorvo in the third quarter worth $206,000. 96.49% of the stock is owned by institutional investors.
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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).
