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

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) has earned a consensus rating of "Hold" from the seventeen ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $102.88.

QRVO has been the subject of several recent analyst reports. BNP Paribas cut Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price for the company. in a research note on Wednesday, October 30th. Piper Sandler cut their price objective on Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating on the stock in a research report on Wednesday, October 30th. Benchmark cut shares of Qorvo from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC initiated coverage on shares of Qorvo in a report on Monday, October 28th. They issued a "buy" rating and a $135.00 price objective on the stock.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares of the company's stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vulcan Value Partners LLC raised its stake in 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 acquiring an additional 550,111 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Qorvo by 7.1% during the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company's stock worth $157,920,000 after purchasing an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company's stock valued at $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Qorvo by 140.2% in the 3rd 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 stake in Qorvo by 23.9% during the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company's stock worth $83,429,000 after buying an additional 160,534 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.9 %

Shares of QRVO opened at $70.95 on Wednesday. Qorvo has a 52-week low of $64.54 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. The stock has a fifty day simple moving average of $79.63 and a two-hundred day simple moving average of $99.88. The company has a market capitalization of $6.71 billion, a PE ratio of -48.60, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. Qorvo's quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts forecast that Qorvo will post 3.37 EPS for the current year.

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.