Qorvo (NASDAQ:QRVO) Hits New 52-Week High – Here’s What Happened

Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week high on Friday . The company traded as high as $106.46 and last traded at $106.43, with a volume of 1476038 shares changing hands. The stock had previously closed at $97.74.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Morgan Stanley set a $84.00 price target on Qorvo in a report on Wednesday, January 28th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. KeyCorp restated a “sector weight” rating on shares of Qorvo in a report on Wednesday, January 28th. Finally, Mizuho restated an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $96.63.

Qorvo Stock Performance

The company has a market cap of $9.37 billion, a PE ratio of 29.40, a P/E/G ratio of 1.66 and a beta of 1.42. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average of $84.43 and a 200-day moving average of $84.04.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The company had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. During the same quarter in the previous year, the business earned $1.42 EPS. Qorvo’s revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts anticipate that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $95.00, for a total transaction of $90,820.00. Following the transaction, the vice president owned 29,143 shares in the company, valued at approximately $2,768,585. This represents a 3.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in QRVO. Jones Financial Companies Lllp grew its holdings in shares of Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after acquiring an additional 6,628 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Qorvo by 158.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $180,000 after acquiring an additional 1,301 shares during the period. First Trust Advisors LP grew its holdings in shares of Qorvo by 56.5% during the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock worth $12,100,000 after acquiring an additional 51,475 shares during the period. Marshall Wace LLP purchased a new position in shares of Qorvo during the 2nd quarter worth approximately $428,000. Finally, Cerity Partners LLC purchased a new position in shares of Qorvo during the 2nd quarter worth approximately $327,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.