Qorvo Inc (NASDAQ:QRVO) shares traded up 5.8% during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $150.00 to $155.00. Morgan Stanley currently has an overweight rating on the stock. Qorvo traded as high as $130.55 and last traded at $129.99. 1,098,100 shares changed hands during trading, a decline of 37% from the average session volume of 1,739,456 shares. The stock had previously closed at $122.84.
QRVO has been the topic of a number of other research reports. Craig Hallum raised their target price on Qorvo from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Raymond James increased their price target on Qorvo from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Piper Sandler raised their target price on Qorvo from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 9th. BidaskClub raised Qorvo from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 6th. Finally, UBS Group raised their target price on Qorvo from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Qorvo currently has an average rating of “Buy” and an average target price of $129.33.
In other Qorvo news, VP Gina Harrison sold 1,114 shares of Qorvo stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $114.21, for a total transaction of $127,229.94. Following the completion of the sale, the vice president now owns 16,463 shares of the company’s stock, valued at $1,880,239.23. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James L. Klein sold 1,440 shares of Qorvo stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $109.15, for a total value of $157,176.00. In the last ninety days, insiders have sold 28,098 shares of company stock valued at $3,534,548. Corporate insiders own 0.66% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Ameritas Investment Company LLC purchased a new position in Qorvo during the 1st quarter valued at about $31,000. Private Advisor Group LLC purchased a new position in Qorvo during the 2nd quarter valued at about $52,000. CSat Investment Advisory L.P. grew its holdings in shares of Qorvo by 32.5% during the 1st quarter. CSat Investment Advisory L.P. now owns 620 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 152 shares during the period. Selective Wealth Management Inc. purchased a new position in shares of Qorvo during the 2nd quarter worth approximately $88,000. Finally, Virtus Alternative Investment Advisers Inc. purchased a new position in shares of Qorvo during the 2nd quarter worth approximately $91,000. 85.94% of the stock is owned by hedge funds and other institutional investors.
The business has a fifty day simple moving average of $127.66 and a two-hundred day simple moving average of $105.66. The company has a current ratio of 4.08, a quick ratio of 3.05 and a debt-to-equity ratio of 0.43. The stock has a market cap of $14.72 billion, a PE ratio of 38.80, a P/E/G ratio of 1.76 and a beta of 1.44.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.37. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The firm had revenue of $787.50 million for the quarter, compared to the consensus estimate of $729.91 million. During the same quarter in the prior year, the business earned $1.36 EPS. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts predict that Qorvo Inc will post 6.12 earnings per share for the current year.
About Qorvo (NASDAQ:QRVO)
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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