Brokerages Set Qorvo, Inc. (NASDAQ:QRVO) Target Price at $102.88

Qorvo, Inc. (NASDAQ:QRVO) has been given an average rating of “Hold” by the seventeen ratings firms that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $102.88.

A number of research analysts have weighed in on QRVO shares. Needham & Company LLC started coverage on shares of Qorvo in a research report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective on the stock. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. Bank of America lowered their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. Finally, Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th.

Qorvo Stock Up 0.4 %

NASDAQ QRVO opened at $68.40 on Friday. The stock’s 50-day moving average price is $88.82 and its 200-day moving average price is $102.74. The company has a market capitalization of $6.47 billion, a P/E ratio of -46.68, a price-to-earnings-growth ratio of 5.59 and a beta of 1.49. Qorvo has a 52 week low of $64.98 and a 52 week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 EPS. On average, equities research analysts predict that Qorvo will post 3.37 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Vulcan Value Partners LLC lifted its stake in shares of Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. increased its stake in shares of Qorvo by 7.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after acquiring an additional 101,742 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Qorvo by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after acquiring an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after purchasing an additional 160,534 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.