According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company is benefiting from increased demand in the performance-tier for RF Fusion based solutions, antenna tuning, discrete components and BAW-based multiplexers. The company’s 5G and GaN solutions hold promise. Further, robust growth in company’s wireless connectivity as well as in base station solutions is a positive. However, the company faces challenges owing to weakness in flagship smartphone product volumes and softness in China domestic market. Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Customer concentration from the likes of Apple and Huawei, among others is a headwind. In fact, recent blaclisting of Huawei by BIS compelled Qorvo to trim outlook, which limits near-term growth prospects.”
Several other equities research analysts also recently commented on the stock. DA Davidson lifted their price objective on shares of Qorvo from $6.00 to $82.00 in a research note on Wednesday, May 8th. Mizuho boosted their target price on shares of Qorvo from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Raymond James boosted their target price on shares of Qorvo from $70.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Barclays restated a “buy” rating and set a $80.00 target price on shares of Qorvo in a research report on Thursday, May 9th. Finally, Craig Hallum reiterated a “buy” rating and issued a $85.00 price objective (up previously from $72.00) on shares of Qorvo in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company. Qorvo currently has a consensus rating of “Hold” and an average target price of $75.77.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The business had revenue of $680.88 million for the quarter, compared to analyst estimates of $670.59 million. During the same period in the previous year, the company earned $1.07 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, sell-side analysts predict that Qorvo will post 5.13 earnings per share for the current fiscal year.
In other news, insider Robert A. Bruggeworth sold 25,831 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total transaction of $1,873,264.12. Following the completion of the sale, the insider now owns 201,794 shares of the company’s stock, valued at $14,634,100.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James L. Klein sold 1,914 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total transaction of $137,808.00. Following the sale, the vice president now directly owns 53,859 shares of the company’s stock, valued at approximately $3,877,848. The disclosure for this sale can be found here. Insiders have sold 246,024 shares of company stock valued at $17,108,361 in the last three months. Corporate insiders own 0.85% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in QRVO. Oregon Public Employees Retirement Fund increased its stake in shares of Qorvo by 8,987.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 3,620,278 shares in the last quarter. Norges Bank purchased a new stake in Qorvo during the 4th quarter valued at about $91,781,000. Neuberger Berman Group LLC purchased a new stake in Qorvo during the 1st quarter valued at about $54,992,000. Thompson Siegel & Walmsley LLC purchased a new stake in Qorvo during the 1st quarter valued at about $43,431,000. Finally, Boston Partners grew its stake in Qorvo by 6.5% during the 1st quarter. Boston Partners now owns 3,916,687 shares of the semiconductor company’s stock valued at $280,944,000 after acquiring an additional 238,370 shares in the last quarter. 92.52% of the stock is owned by institutional investors and hedge funds.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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