Qorvo (NASDAQ:QRVO) Given New $120.00 Price Target at UBS Group

Qorvo (NASDAQ:QRVOGet Rating) had its price objective decreased by research analysts at UBS Group from $135.00 to $120.00 in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s price objective would indicate a potential upside of 13.11% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Susquehanna lowered their target price on Qorvo from $150.00 to $120.00 in a report on Thursday, May 5th. Cowen downgraded Qorvo from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $150.00 to $108.00 in a report on Monday, July 11th. TheStreet downgraded Qorvo from a “b-” rating to a “c+” rating in a report on Tuesday, May 24th. Piper Sandler decreased their price objective on Qorvo from $190.00 to $135.00 in a report on Thursday, May 5th. Finally, Mizuho cut their target price on Qorvo from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $132.55.

Qorvo Price Performance

Shares of QRVO opened at $106.09 on Thursday. Qorvo has a 1 year low of $90.16 and a 1 year high of $198.00. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.30 and a quick ratio of 2.51. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.13 and a beta of 1.35. The business has a 50-day moving average of $101.37 and a 200-day moving average of $115.30.

Qorvo (NASDAQ:QRVOGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The semiconductor company reported $3.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.32. Qorvo had a return on equity of 26.50% and a net margin of 17.87%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $2.59 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Qorvo will post 9.65 earnings per share for the current year.

Insider Activity

In related news, Director Jeffery R. Gardner sold 1,000 shares of Qorvo stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $110.57, for a total value of $110,570.00. Following the sale, the director now owns 31,793 shares of the company’s stock, valued at approximately $3,515,352.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jeffery R. Gardner sold 1,000 shares of Qorvo stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $110.57, for a total value of $110,570.00. Following the completion of the sale, the director now owns 31,793 shares of the company’s stock, valued at approximately $3,515,352.01. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jeffery R. Gardner sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $108.68, for a total value of $543,400.00. Following the completion of the sale, the director now owns 32,793 shares in the company, valued at $3,563,943.24. The disclosure for this sale can be found here. Insiders sold 20,070 shares of company stock valued at $2,055,769 in the last three months. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of QRVO. Vulcan Value Partners LLC lifted its position in shares of Qorvo by 30.1% during the fourth quarter. Vulcan Value Partners LLC now owns 5,640,650 shares of the semiconductor company’s stock worth $882,141,000 after acquiring an additional 1,304,458 shares in the last quarter. Capital Research Global Investors increased its position in shares of Qorvo by 42.4% during the first quarter. Capital Research Global Investors now owns 4,350,210 shares of the semiconductor company’s stock valued at $539,861,000 after buying an additional 1,294,612 shares during the period. Norges Bank bought a new stake in shares of Qorvo during the fourth quarter valued at about $170,362,000. Woodline Partners LP bought a new stake in shares of Qorvo during the fourth quarter valued at about $150,636,000. Finally, Baupost Group LLC MA increased its position in shares of Qorvo by 16.9% in the fourth quarter. Baupost Group LLC MA now owns 5,945,744 shares of the semiconductor company’s stock worth $929,855,000 after purchasing an additional 861,278 shares during the last quarter. 85.87% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Company Profile

(Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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