UBS Group Boosts Qorvo (NASDAQ:QRVO) Price Target to $74.00

Qorvo (NASDAQ:QRVO) had its price target raised by investment analysts at UBS Group from $68.00 to $74.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s price objective indicates a potential upside of 7.87% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Cowen raised their price objective on shares of Qorvo from $65.00 to $75.00 and gave the company a “market perform” rating in a research note on Friday. Canaccord Genuity restated a “buy” rating and set a $76.00 price objective (down from $87.00) on shares of Qorvo in a research note on Tuesday, May 21st. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Morgan Stanley reduced their price objective on shares of Qorvo from $73.00 to $67.00 and set an “equal weight” rating for the company in a research note on Friday, May 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $90.00 price objective on shares of Qorvo in a research note on Sunday, May 26th. Fifteen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $76.29.

NASDAQ QRVO traded down $2.74 during trading hours on Friday, reaching $68.60. 944,644 shares of the company’s stock traded hands, compared to its average volume of 920,172. Qorvo has a 52-week low of $54.74 and a 52-week high of $86.50. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 2.30 and a beta of 1.08. The business’s 50-day simple moving average is $68.93. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.21.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The company had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. During the same period last year, the company posted $0.96 EPS. Qorvo’s revenue was up 12.0% on a year-over-year basis. As a group, research analysts expect that Qorvo will post 4.12 earnings per share for the current fiscal year.

In other news, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $72.00, for a total value of $137,808.00. Following the completion of the sale, the vice president now directly owns 53,859 shares in the company, valued at $3,877,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $74.84, for a total transaction of $224,520.00. The disclosure for this sale can be found here. Insiders sold 34,573 shares of company stock valued at $2,488,757 over the last quarter. Company insiders own 0.71% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of QRVO. Arlington Partners LLC purchased a new position in shares of Qorvo in the second quarter worth approximately $29,000. Lavaca Capital LLC purchased a new position in shares of Qorvo in the first quarter worth approximately $45,000. NEXT Financial Group Inc boosted its holdings in shares of Qorvo by 63.5% in the second quarter. NEXT Financial Group Inc now owns 868 shares of the semiconductor company’s stock worth $58,000 after buying an additional 337 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of Qorvo in the first quarter worth approximately $107,000. Finally, Winslow Evans & Crocker Inc. boosted its holdings in shares of Qorvo by 865.9% in the first quarter. Winslow Evans & Crocker Inc. now owns 1,700 shares of the semiconductor company’s stock worth $122,000 after buying an additional 1,524 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors.

Qorvo Company Profile

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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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