Shares of Qorvo, Inc. (NASDAQ:QRVO) have earned an average recommendation of “Buy” from the twenty-two brokerages that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $203.68.
A number of analysts have recently weighed in on QRVO shares. Needham & Company LLC boosted their target price on shares of Qorvo from $220.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, May 6th. Craig Hallum boosted their target price on shares of Qorvo from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Rosenblatt Securities boosted their target price on shares of Qorvo from $200.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday, August 5th. Barclays boosted their target price on shares of Qorvo from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, June 29th. Finally, Wells Fargo & Company boosted their target price on shares of Qorvo from $205.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, May 6th.
Shares of NASDAQ QRVO opened at $190.81 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.90 and a current ratio of 3.64. The company has a market cap of $21.23 billion, a P/E ratio of 30.05, a P/E/G ratio of 1.73 and a beta of 1.37. The company has a fifty day moving average of $188.42. Qorvo has a 52-week low of $112.03 and a 52-week high of $201.68.
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Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, August 4th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.38. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.50 EPS. As a group, equities analysts anticipate that Qorvo will post 10.61 earnings per share for the current fiscal year.
In other news, VP James L. Klein sold 1,910 shares of the company’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,289 shares of the company’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $176.94, for a total transaction of $1,820,535.66. Following the completion of the sale, the chief executive officer now directly owns 169,275 shares of the company’s stock, valued at approximately $29,951,518.50. The disclosure for this sale can be found here. Over 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 corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. KB Financial Partners LLC bought a new position in shares of Qorvo during the 1st quarter worth approximately $26,000. Cypress Capital Management LLC WY bought a new position in shares of Qorvo during the 2nd quarter worth approximately $26,000. Glassman Wealth Services raised its stake in shares of Qorvo by 465.4% during the 2nd quarter. Glassman Wealth Services now owns 147 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 121 shares in the last quarter. Sandy Spring Bank raised its stake in shares of Qorvo by 352.9% during the 2nd quarter. Sandy Spring Bank now owns 154 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 120 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of Qorvo by 172.5% during the 1st quarter. Huntington National Bank now owns 188 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 119 shares in the last quarter. 83.44% of the stock is owned by hedge funds and other institutional investors.
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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