Qorvo, Inc. (NASDAQ:QRVO) Receives Average Recommendation of “Hold” from Analysts

Shares of Qorvo, Inc. (NASDAQ:QRVO) have earned an average rating of “Hold” from the twenty-one analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $96.6250.

A number of research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. Wolfe Research cut shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Citigroup raised their target price on shares of Qorvo from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Zacks Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd.

Insider Activity

In other news, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president owned 71,038 shares in the company, valued at $7,103,800. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the sale, the chief executive officer owned 319,880 shares in the company, valued at approximately $32,115,952. This trade represents a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors have recently modified their holdings of QRVO. Bank of America Corp DE grew its position in shares of Qorvo by 801.4% in the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after purchasing an additional 1,571,303 shares during the period. AQR Arbitrage LLC purchased a new position in shares of Qorvo in the fourth quarter worth about $118,204,000. Norges Bank purchased a new position in Qorvo during the fourth quarter worth about $92,430,000. Marshall Wace LLP raised its stake in Qorvo by 16,066.5% during the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock worth $74,197,000 after purchasing an additional 809,591 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new position in Qorvo during the third quarter worth about $66,594,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 1.6%

NASDAQ QRVO opened at $93.88 on Friday. The company has a fifty day simple moving average of $95.13 and a two-hundred day simple moving average of $86.53. The stock has a market cap of $8.26 billion, a P/E ratio of 25.93, a P/E/G ratio of 1.47 and a beta of 1.43. Qorvo has a 12-month low of $74.92 and a 12-month high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The business had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the company posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts forecast that Qorvo will post 5.84 earnings per share for the current year.

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.