Craig Hallum Boosts Qorvo (NASDAQ:QRVO) Price Target to $140.00

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Qorvo (NASDAQ:QRVO) had its price objective boosted by Craig Hallum from $120.00 to $140.00 in a research note published on Thursday, The Fly reports. The firm currently has a buy rating on the semiconductor company’s stock.

Several other research analysts have also issued reports on the stock. Mizuho increased their target price on shares of Qorvo from $114.00 to $125.00 and gave the stock a buy rating in a research note on Thursday. Canaccord Genuity dropped their price objective on shares of Qorvo from $125.00 to $115.00 and set a buy rating on the stock in a research note on Tuesday, April 14th. BidaskClub raised shares of Qorvo from a buy rating to a strong-buy rating in a research report on Saturday, June 6th. Needham & Company LLC raised their price target on shares of Qorvo from $150.00 to $160.00 and gave the company a buy rating in a research report on Tuesday, July 21st. Finally, Benchmark raised their price objective on shares of Qorvo from $127.00 to $135.00 and gave the stock a buy rating in a report on Thursday. Six research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Qorvo has a consensus rating of Buy and a consensus target price of $121.36.

NASDAQ QRVO traded down $0.52 on Thursday, hitting $128.15. The company’s stock had a trading volume of 2,097,060 shares, compared to its average volume of 1,398,244. The company has a quick ratio of 2.18, a current ratio of 4.08 and a debt-to-equity ratio of 0.43. Qorvo has a 1-year low of $67.54 and a 1-year high of $130.86. The company’s 50-day moving average is $112.02 and its 200 day moving average is $101.04. The firm has a market cap of $14.66 billion, a PE ratio of 21.79, a PEG ratio of 2.63 and a beta of 1.41.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.37. Qorvo had a net margin of 12.05% and a return on equity of 16.10%. The firm had revenue of $787.50 million during the quarter, compared to analysts’ expectations of $729.91 million. During the same period in the prior year, the company posted $1.36 EPS. The company’s revenue was up 1.5% on a year-over-year basis. On average, equities analysts expect that Qorvo will post 4.73 EPS for the current year.

In other Qorvo news, VP Steven E. Creviston sold 2,000 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $113.15, for a total transaction of $226,300.00. Following the transaction, the vice president now owns 65,018 shares in the company, valued at approximately $7,356,786.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 15,933 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $102.96, for a total transaction of $1,640,461.68. Following the transaction, the chief executive officer now owns 159,993 shares in the company, valued at approximately $16,472,879.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,877 shares of company stock worth $3,409,446. 0.66% 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 company. Baupost Group LLC MA increased its holdings in Qorvo by 11.4% in the 1st quarter. Baupost Group LLC MA now owns 3,062,486 shares of the semiconductor company’s stock worth $246,928,000 after acquiring an additional 312,486 shares in the last quarter. AQR Capital Management LLC grew its holdings in Qorvo by 19.9% during the 1st quarter. AQR Capital Management LLC now owns 2,808,305 shares of the semiconductor company’s stock valued at $226,433,000 after buying an additional 466,009 shares in the last quarter. Norges Bank purchased a new stake in Qorvo during the 4th quarter valued at approximately $168,070,000. Iridian Asset Management LLC CT grew its holdings in Qorvo by 50.2% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,152,850 shares of the semiconductor company’s stock valued at $92,954,000 after buying an additional 385,249 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Qorvo by 4.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,046,432 shares of the semiconductor company’s stock valued at $84,374,000 after buying an additional 41,763 shares in the last quarter. 88.02% of the stock is owned by hedge funds and other 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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