Qorvo (NASDAQ:QRVO) had its target price hoisted by investment analysts at BMO Capital Markets from $63.00 to $70.00 in a report released on Thursday. The brokerage presently has a “market perform” rating on the semiconductor company’s stock. BMO Capital Markets’ price objective suggests a potential downside of 16.01% from the stock’s previous close.
A number of other research firms also recently issued reports on QRVO. Nomura raised shares of Qorvo from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $85.00 in a report on Thursday. Barclays boosted their price objective on shares of Qorvo from $75.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday. Morgan Stanley boosted their price objective on shares of Qorvo from $70.00 to $74.00 and gave the company an “equal weight” rating in a report on Thursday. JPMorgan Chase & Co. set a $88.00 price objective on shares of Qorvo and gave the company a “buy” rating in a report on Wednesday, November 15th. Finally, Canaccord Genuity boosted their price objective on shares of Qorvo from $81.00 to $87.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company’s stock. Qorvo presently has a consensus rating of “Hold” and an average price target of $79.60.
Qorvo (QRVO) traded up $11.57 during midday trading on Thursday, reaching $83.34. 10,690,901 shares of the company’s stock were exchanged, compared to its average volume of 2,466,087. 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 -595.29. Qorvo has a 52-week low of $61.12 and a 52-week high of $85.24.
In related news, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $77.58, for a total transaction of $201,708.00. Following the completion of the transaction, the vice president now directly owns 42,993 shares in the company, valued at approximately $3,335,396.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total transaction of $428,220.00. Following the transaction, the vice president now owns 82,725 shares of the company’s stock, valued at $5,904,083.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,096 shares of company stock valued at $3,968,257. 0.91% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in QRVO. Alyeska Investment Group L.P. acquired a new position in Qorvo during the 3rd quarter worth approximately $118,506,000. Boston Partners increased its position in Qorvo by 47.5% during the 4th quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock worth $191,089,000 after purchasing an additional 924,017 shares in the last quarter. Manning & Napier Advisors LLC increased its position in Qorvo by 52.5% during the 3rd quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock worth $172,674,000 after purchasing an additional 840,755 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Qorvo during the 2nd quarter worth approximately $18,990,000. Finally, Cornerstone Capital Management Holdings LLC. increased its position in Qorvo by 113.1% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock worth $26,484,000 after purchasing an additional 198,856 shares in the last quarter. Institutional investors and hedge funds own 96.49% of the company’s stock.
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).
