Qorvo (NASDAQ:QRVO) PT Raised to $125.00 at TD Cowen

Qorvo (NASDAQ:QRVO) had its target price raised by TD Cowen from $110.00 to $125.00 in a report released on Wednesday morning, Marketbeat.com reports. They currently have a hold rating on the semiconductor company’s stock.

Other equities analysts also recently issued reports about the company. StockNews.com raised Qorvo from a hold rating to a buy rating in a research report on Wednesday, July 24th. Susquehanna boosted their price target on shares of Qorvo from $95.00 to $145.00 and gave the stock a neutral rating in a report on Wednesday, July 17th. Barclays raised their price objective on shares of Qorvo from $100.00 to $125.00 and gave the company an equal weight rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. lowered their target price on shares of Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a research note on Thursday, May 2nd. Finally, Rosenblatt Securities restated a neutral rating and issued a $105.00 price target on shares of Qorvo in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $121.00.

Qorvo Price Performance

Qorvo stock opened at $107.93 on Wednesday. The company has a quick ratio of 1.41, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99. The firm has a market cap of $10.24 billion, a PE ratio of -147.85, a price-to-earnings-growth ratio of 1.29 and a beta of 1.46. The company’s 50 day moving average is $113.66 and its two-hundred day moving average is $110.79.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $886.70 million for the quarter, compared to analysts’ expectations of $851.95 million. During the same period last year, the firm earned $0.03 earnings per share. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. On average, research analysts expect that Qorvo will post 5.02 EPS for the current fiscal year.

Insider Activity

In related news, Director John R. Harding sold 941 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now owns 6,950 shares in the company, valued at approximately $676,652. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Qorvo news, Director John R. Harding sold 941 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the completion of the sale, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock valued at $4,517,858 in the last ninety days. 0.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Qorvo during the fourth quarter worth about $118,120,000. Balyasny Asset Management L.P. grew its holdings in shares of Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after acquiring an additional 529,309 shares during the period. Panagora Asset Management Inc. increased its stake in Qorvo by 119.4% in the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after purchasing an additional 316,172 shares in the last quarter. KBC Group NV raised its holdings in Qorvo by 3,169.2% during the fourth quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock worth $33,674,000 after purchasing an additional 289,885 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Qorvo by 177.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after purchasing an additional 272,872 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.