Qorvo (NASDAQ:QRVO) Rating Reiterated by Rosenblatt Securities

Qorvo (NASDAQ:QRVOGet Free Report)‘s stock had its “neutral” rating reiterated by Rosenblatt Securities in a report released on Wednesday, Benzinga reports. They presently have a $105.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ price target points to a potential downside of 7.37% from the stock’s previous close.

Several other brokerages have also recently weighed in on QRVO. Susquehanna reduced their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Friday, June 7th. Benchmark lowered their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC cut their price target on Qorvo from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Finally, Barclays decreased their price target on Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $110.83.

View Our Latest Report on Qorvo

Qorvo Stock Performance

Shares of QRVO stock opened at $113.36 on Wednesday. The firm has a 50 day moving average of $104.20 and a two-hundred day moving average of $107.39. The stock has a market capitalization of $10.84 billion, a PE ratio of -155.29, a P/E/G ratio of 0.99 and a beta of 1.44. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. Qorvo has a 52 week low of $80.62 and a 52 week high of $121.65.

Qorvo (NASDAQ:QRVOGet Free Report) last released its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The firm had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. During the same period last year, the business posted $0.11 earnings per share. Qorvo’s revenue was up 48.7% compared to the same quarter last year. On average, research analysts predict that Qorvo will post 5.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Qorvo news, Director John R. Harding sold 941 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the transaction, the chief executive officer now owns 154,714 shares in the company, valued at $15,364,647.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,372 shares of company stock valued at $4,517,858. 0.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

Several large investors have recently modified their holdings of the stock. Park Place Capital Corp grew its position in Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Qorvo during the first quarter worth about $40,000. Fidelis Capital Partners LLC purchased a new position in Qorvo during the first quarter worth about $58,000. Finally, GAMMA Investing LLC acquired a new stake in Qorvo in the fourth quarter valued at about $104,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

(Get Free Report)

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.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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