Qorvo (NASDAQ:QRVO) Hits New 1-Year High – Time to Buy?

Qorvo, Inc. (NASDAQ:QRVO)’s share price reached a new 52-week high on Thursday. The stock traded as high as $121.09 and last traded at $119.59, with a volume of 1129381 shares. The stock had previously closed at $118.44.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. UBS Group boosted their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. TD Cowen restated a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Citigroup decreased their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $94.00.

Qorvo Price Performance

The company has a 50-day moving average of $100.25 and a two-hundred day moving average of $92.82. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The stock has a market capitalization of $10.41 billion, a PE ratio of 27.37, a P/E/G ratio of 2.02 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to analysts’ expectations of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The firm’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts predict that Qorvo, Inc. will post 6.42 EPS for the current fiscal year.

Insider Activity

In other Qorvo news, CEO Robert Bruggeworth sold 28,744 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total transaction of $2,899,407.28. Following the transaction, the chief executive officer owned 325,546 shares of the company’s stock, valued at $32,837,825.02. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Steven Creviston sold 4,810 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total transaction of $485,184.70. Following the transaction, the senior vice president directly owned 119,451 shares in the company, valued at approximately $12,049,022.37. This represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 62,309 shares of company stock valued at $6,304,642 in the last ninety days. 0.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. raised its holdings in shares of Qorvo by 5.6% in the 2nd quarter. QRG Capital Management Inc. now owns 9,786 shares of the semiconductor company’s stock worth $913,000 after purchasing an additional 521 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Qorvo by 5.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 62,436 shares of the semiconductor company’s stock worth $5,823,000 after purchasing an additional 3,161 shares during the period. State Street Corp grew its holdings in shares of Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company’s stock worth $356,640,000 after purchasing an additional 180,500 shares during the period. The Manufacturers Life Insurance Company increased its position in Qorvo by 115.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,518 shares of the semiconductor company’s stock worth $888,000 after purchasing an additional 5,102 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in Qorvo during the 2nd quarter worth approximately $385,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.