Qorvo (NASDAQ:QRVO) Price Target Increased to $71.00 by Analysts at Morgan Stanley

Qorvo (NASDAQ:QRVO) had its target price boosted by Morgan Stanley from $67.00 to $71.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

Several other equities analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Qorvo from a buy rating to a hold rating in a research report on Thursday, May 23rd. DA Davidson lowered their target price on shares of Qorvo to $66.00 and set a neutral rating on the stock in a research report on Thursday, May 23rd. Craig Hallum reissued a buy rating and set a $85.00 target price (up from $75.00) on shares of Qorvo in a research report on Friday. Cowen reissued a market perform rating and set a $75.00 target price (up from $65.00) on shares of Qorvo in a research report on Friday. Finally, Needham & Company LLC reissued a buy rating and set a $90.00 target price on shares of Qorvo in a research report on Sunday, May 26th. Fourteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $76.48.

Qorvo stock traded down $0.45 during mid-day trading on Friday, hitting $70.89. 2,626,875 shares of the company’s stock were exchanged, compared to its average volume of 961,901. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 3.87. The firm has a market capitalization of $8.65 billion, a PE ratio of 13.50, a P/E/G ratio of 2.24 and a beta of 1.09. Qorvo has a 1-year low of $54.74 and a 1-year high of $86.50. The business has a 50 day moving average price of $69.10.

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

In related news, insider Robert A. Bruggeworth sold 25,831 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total value of $1,873,264.12. Following the completion of the sale, the insider now owns 201,794 shares in the company, valued at $14,634,100.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP James L. Klein sold 1,914 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $72.00, for a total transaction of $137,808.00. Following the completion of the sale, the vice president now owns 53,859 shares of the company’s stock, valued at approximately $3,877,848. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,573 shares of company stock worth $2,488,757. 0.71% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Campbell Newman Asset Management Inc. lifted its stake in shares of Qorvo by 3.6% in the first quarter. Campbell Newman Asset Management Inc. now owns 3,990 shares of the semiconductor company’s stock valued at $286,000 after buying an additional 139 shares during the period. ETF Managers Group LLC lifted its stake in shares of Qorvo by 7.9% in the first quarter. ETF Managers Group LLC now owns 2,031 shares of the semiconductor company’s stock valued at $146,000 after buying an additional 149 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Qorvo by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock valued at $521,000 after buying an additional 158 shares during the period. Diversified Trust Co lifted its stake in shares of Qorvo by 4.0% in the first quarter. Diversified Trust Co now owns 4,507 shares of the semiconductor company’s stock valued at $323,000 after buying an additional 172 shares during the period. Finally, World Asset Management Inc lifted its stake in shares of Qorvo by 3.2% in the second quarter. World Asset Management Inc now owns 8,179 shares of the semiconductor company’s stock valued at $545,000 after buying an additional 253 shares during the period. Institutional investors and hedge funds own 93.89% of the company’s stock.

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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