Qorvo (NASDAQ:QRVO) Price Target Raised to $118.00 at The Goldman Sachs Group

Qorvo (NASDAQ:QRVO) had its price objective increased by The Goldman Sachs Group from $105.00 to $118.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

A number of other equities analysts also recently weighed in on the stock. Susquehanna cut their price target on shares of Qorvo from $145.00 to $135.00 and set a neutral rating on the stock in a research note on Wednesday. Mizuho cut their price target on shares of Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Piper Sandler reaffirmed a neutral rating and set a $120.00 price target (up previously from $105.00) on shares of Qorvo in a research note on Wednesday. Barclays increased their price target on shares of Qorvo from $100.00 to $125.00 and gave the stock an equal weight rating in a research note on Tuesday, July 30th. Finally, StockNews.com raised shares of Qorvo from a hold rating to a buy rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Qorvo presently has a consensus rating of Hold and a consensus price target of $121.00.

Qorvo Stock Performance

Shares of QRVO opened at $107.93 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.95. The company has a market capitalization of $10.24 billion, a price-to-earnings ratio of -147.85, a PEG ratio of 1.29 and a beta of 1.46. The company’s 50 day simple moving average is $113.66 and its 200 day simple moving average is $110.79. Qorvo has a 1 year low of $80.62 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. Qorvo’s revenue was up 36.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. On average, sell-side analysts predict that Qorvo will post 5.02 EPS for the current year.

Insider Activity at Qorvo

In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the completion of the sale, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the completion of the transaction, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Paul J. Fego sold 2,132 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $211,728.92. Following the transaction, the senior vice president now directly owns 25,201 shares of the company’s stock, valued at $2,502,711.31. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock valued at $4,517,858. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Qorvo during the 2nd quarter worth $29,000. Park Place Capital Corp grew its holdings in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new position in shares of Qorvo in the 2nd quarter worth about $34,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.