Brokerages Set Qorvo, Inc. (NASDAQ:QRVO) PT at $119.86

Shares of Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) have earned a consensus recommendation of "Hold" from the fifteen ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $119.86.

A number of research analysts have recently commented on QRVO shares. Rosenblatt Securities upped their price target on Qorvo from $105.00 to $120.00 and gave the stock a "neutral" rating in a report on Wednesday, July 31st. Susquehanna cut their price target on Qorvo from $135.00 to $115.00 and set a "neutral" rating for the company in a report on Monday, October 21st. Raymond James upped their price target on Qorvo from $115.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, July 31st. TD Cowen upgraded Qorvo to a "hold" rating in a report on Monday, September 16th. Finally, Piper Sandler cut their price target on Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a report on Friday.

Qorvo Stock Up 0.2 %

Shares of NASDAQ QRVO traded up $0.22 during trading hours on Tuesday, hitting $100.48. The stock had a trading volume of 2,660,966 shares, compared to its average volume of 1,350,667. The company has a market capitalization of $9.55 billion, a P/E ratio of -137.56, a P/E/G ratio of 1.20 and a beta of 1.45. The firm's 50-day moving average price is $105.07 and its two-hundred day moving average price is $108.06. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company's revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.99 earnings per share. Analysts anticipate that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company's stock.

Hedge Funds Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Bessemer Group Inc. boosted its holdings in Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company's stock worth $1,562,000 after buying an additional 12,666 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company's stock worth $1,521,000 after purchasing an additional 4,072 shares during the period. Canada Pension Plan Investment Board raised its position in Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company's stock valued at $42,510,000 after buying an additional 71,200 shares during the last quarter. Leeward Investments LLC MA raised its position in Qorvo by 50.6% in the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company's stock valued at $17,724,000 after buying an additional 51,850 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company's stock worth $10,962,000 after purchasing an additional 18,178 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

About Qorvo

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.