Qorvo (NASDAQ:QRVO) Reaches New 1-Year High – What’s Next?

Qorvo, Inc. (NASDAQ:QRVO)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $106.46 and last traded at $106.43, with a volume of 1476038 shares traded. The stock had previously closed at $97.74.

Analysts Set New Price Targets

QRVO has been the subject of a number of analyst reports. TD Cowen cut their price objective on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, January 28th. Susquehanna cut their price objective on shares of Qorvo from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Mizuho restated an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Morgan Stanley set a $84.00 price objective on shares of Qorvo in a research report on Wednesday, January 28th. Finally, Piper Sandler restated a “neutral” rating on shares of Qorvo in a research report on Wednesday, January 28th. Three analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.63.

Qorvo Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. The company has a market cap of $9.37 billion, a PE ratio of 29.40, a P/E/G ratio of 1.54 and a beta of 1.42. The stock’s 50-day simple moving average is $83.87 and its 200 day simple moving average is $83.89.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business had revenue of $808.28 million for the quarter, compared to analysts’ expectations of $801.31 million. During the same period in the prior year, the company posted $1.42 EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities analysts anticipate that Qorvo, Inc. will post 5.87 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 956 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $95.00, for a total transaction of $90,820.00. Following the transaction, the vice president directly owned 29,143 shares of the company’s stock, valued at $2,768,585. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Winnow Wealth LLC acquired a new position in shares of Qorvo during the 3rd quarter worth $27,000. Stance Capital LLC acquired a new position in shares of Qorvo during the 3rd quarter worth $27,000. Smartleaf Asset Management LLC grew its stake in Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 231 shares during the last quarter. Sound Income Strategies LLC grew its stake in Qorvo by 952.8% in the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 343 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Qorvo in the 3rd quarter valued at about $36,000. 88.57% of the stock is owned by institutional investors and hedge funds.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.