Qorvo (NASDAQ:QRVO)‘s stock had its “outperform” rating restated by stock analysts at Oppenheimer in a research report issued on Thursday, The Fly reports. They currently have a $250.00 price objective on the semiconductor company’s stock, up from their previous price objective of $220.00. Oppenheimer’s target price would indicate a potential upside of 28.95% from the company’s previous close.
A number of other analysts have also recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Qorvo from $205.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, May 6th. Piper Sandler lifted their price objective on shares of Qorvo from $190.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, April 23rd. Mizuho lifted their price objective on shares of Qorvo from $183.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, April 9th. Morgan Stanley lifted their price objective on shares of Qorvo from $210.00 to $223.00 and gave the company an “overweight” rating in a research note on Thursday, May 6th. Finally, Westpark Capital started coverage on shares of Qorvo in a research note on Thursday, July 15th. They set a “buy” rating and a $230.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $202.23.
QRVO stock opened at $193.88 on Thursday. The stock has a 50 day moving average of $187.60. The firm has a market cap of $21.57 billion, a PE ratio of 30.53, a PEG ratio of 1.73 and a beta of 1.37. The company has a quick ratio of 2.90, a current ratio of 3.64 and a debt-to-equity ratio of 0.38. Qorvo has a 52 week low of $112.03 and a 52 week high of $201.68.
Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, August 4th. The semiconductor company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.38. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Qorvo had a net margin of 18.27% and a return on equity of 23.45%. Qorvo’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same period last year, the business earned $1.50 EPS. Sell-side analysts anticipate that Qorvo will post 10.61 earnings per share for the current year.
In related news, VP James L. Klein sold 1,910 shares of the business’s stock in a transaction on Monday, May 17th. The shares were sold at an average price of $168.78, for a total value of $322,369.80. Following the completion of the sale, the vice president now owns 50,150 shares of the company’s stock, valued at approximately $8,464,317. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 5,920 shares of the company’s stock in a transaction on Wednesday, May 19th. The stock was sold at an average price of $165.75, for a total transaction of $981,240.00. Following the sale, the chief executive officer now directly owns 187,179 shares of the company’s stock, valued at approximately $31,024,919.25. The disclosure for this sale can be found here. In the last three months, insiders sold 27,948 shares of company stock valued at $4,865,933. 0.52% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in QRVO. KB Financial Partners LLC purchased a new stake in shares of Qorvo during the first quarter worth $26,000. Glassman Wealth Services boosted its position in shares of Qorvo by 465.4% during the 2nd quarter. Glassman Wealth Services now owns 147 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 121 shares during the last quarter. Capital Asset Advisory Services LLC acquired a new position in shares of Qorvo during the 4th quarter valued at about $30,000. Valley Brook Capital Group acquired a new position in shares of Qorvo during the 4th quarter valued at about $33,000. Finally, Huntington National Bank boosted its position in shares of Qorvo by 172.5% during the 1st quarter. Huntington National Bank now owns 188 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 119 shares during the last quarter. 83.44% of the stock is owned by institutional investors and hedge funds.
Qorvo Company Profile
Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.
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