Qorvo, Inc. (NASDAQ:QRVO) Receives Consensus Recommendation of “Hold” from Brokerages

Qorvo, Inc. (NASDAQ:QRVO) has earned a consensus rating of “Hold” from the eighteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $95.3529.

Several analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Qorvo in a research note on Thursday, July 10th. They set a “neutral” rating and a $90.00 target price for the company. Stifel Nicolaus set a $88.00 price objective on Qorvo and gave the company a “hold” rating in a research report on Wednesday, July 30th. UBS Group set a $100.00 target price on Qorvo and gave the stock a “neutral” rating in a report on Wednesday, July 30th. Citigroup reaffirmed a “sell” rating on shares of Qorvo in a report on Tuesday, June 10th. Finally, Barclays increased their price target on Qorvo from $70.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th.

Insider Activity

In related news, Director John R. Harding sold 1,450 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company’s stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Qorvo

Institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its stake in shares of Qorvo by 1.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,679 shares of the semiconductor company’s stock worth $682,000 after purchasing an additional 118 shares during the last quarter. Huntington National Bank boosted its holdings in Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Signaturefd LLC increased its position in Qorvo by 34.6% during the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company’s stock worth $48,000 after buying an additional 170 shares during the last quarter. HB Wealth Management LLC increased its position in Qorvo by 6.9% during the second quarter. HB Wealth Management LLC now owns 2,955 shares of the semiconductor company’s stock worth $251,000 after buying an additional 190 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in Qorvo by 0.7% during the second quarter. Public Employees Retirement System of Ohio now owns 30,974 shares of the semiconductor company’s stock valued at $2,630,000 after buying an additional 203 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Trading Up 1.3%

Shares of Qorvo stock opened at $85.17 on Thursday. The business has a fifty day simple moving average of $83.45 and a 200-day simple moving average of $76.18. Qorvo has a fifty-two week low of $49.46 and a fifty-two week high of $117.90. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 100.20, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35. The company has a quick ratio of 2.01, a current ratio of 2.81 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company had revenue of $818.80 million during the quarter, compared to the consensus estimate of $775.61 million. During the same period in the prior year, the company earned $0.87 EPS. Qorvo’s revenue was down 7.7% on a year-over-year basis. On average, equities analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.

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.