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

Qorvo (NASDAQ:QRVO) had its price target raised by The Goldman Sachs Group from $105.00 to $118.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other research analysts also recently issued reports on QRVO. Piper Sandler restated a neutral rating and issued a $120.00 price target (up previously from $105.00) on shares of Qorvo in a research report on Wednesday. Craig Hallum boosted their price target on shares of Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research report on Wednesday. Barclays boosted their price target on shares of Qorvo from $100.00 to $125.00 and gave the stock an equal weight rating in a research report on Tuesday, July 30th. TD Cowen boosted their price target on shares of Qorvo from $110.00 to $125.00 and gave the stock a hold rating in a research report on Wednesday. Finally, Needham & Company LLC boosted their price target on shares of Qorvo from $110.00 to $135.00 and gave the stock a buy rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $121.00.

Qorvo Trading Down 2.5 %

QRVO opened at $107.93 on Wednesday. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.41. The firm 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 moving average price is $113.66 and its two-hundred day moving average price is $110.79.

Qorvo (NASDAQ:QRVO) last posted its 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. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same period in the previous year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. As a group, research analysts predict that Qorvo will post 5.02 earnings per share for the current year.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 2,132 shares of the company’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 $211,728.92. Following the transaction, the senior vice president now owns 25,201 shares in the company, valued at $2,502,711.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Paul J. Fego sold 2,132 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $211,728.92. Following the completion of the sale, the senior vice president now owns 25,201 shares in the company, valued at approximately $2,502,711.31. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the company’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 $2,214,513.69. Following the completion of the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,372 shares of company stock worth $4,517,858. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. grew its stake in shares of Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares in the last quarter. FIL Ltd grew its position in Qorvo by 4.5% during the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares during the period. Daiwa Securities Group Inc. grew its position in Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after buying an additional 4,072 shares during the period. Canada Pension Plan Investment Board grew its position in Qorvo by 23.8% during the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after buying an additional 71,200 shares during the period. Finally, Leeward Investments LLC MA grew its position in Qorvo by 50.6% during the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after buying an additional 51,850 shares during the period. Institutional investors own 88.57% of the company’s stock.

About Qorvo

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.