Qorvo (NASDAQ:QRVO) Given New $118.00 Price Target at The Goldman Sachs Group

Qorvo (NASDAQ:QRVO) had its price target lifted by The Goldman Sachs Group from $105.00 to $118.00 in a research note published on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the semiconductor company’s stock.

A number of other research firms also recently weighed in on QRVO. JPMorgan Chase & Co. decreased their price target on shares of Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a research report on Thursday, May 2nd. Needham & Company LLC raised their price objective on Qorvo from $110.00 to $135.00 and gave the stock a buy rating in a research note on Wednesday. Mizuho reduced their price objective on Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Rosenblatt Securities raised their price objective on Qorvo from $105.00 to $120.00 and gave the stock a neutral rating in a research note on Wednesday. Finally, Craig Hallum raised their price objective on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Qorvo presently has an average rating of Hold and an average price target of $120.83.

Qorvo Trading Up 0.3 %

QRVO stock opened at $119.80 on Wednesday. Qorvo has a twelve month low of $80.62 and a twelve month high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The firm has a 50 day simple moving average of $112.78 and a 200-day simple moving average of $110.62.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.73%. The business had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. During the same quarter last year, the company earned $0.03 earnings per share. The business’s quarterly revenue was up 36.2% compared to the same quarter last year. As a group, sell-side analysts expect that Qorvo will post 5.07 EPS for the current year.

Insider Activity at Qorvo

In related news, Director John R. Harding sold 941 shares of Qorvo stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at $676,652. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John R. Harding sold 941 shares of Qorvo stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the transaction, the director now directly owns 6,950 shares in the company, valued at approximately $676,652. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock worth $4,517,858 over the last ninety days. 0.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo in the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its position in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the period. Park Place Capital Corp boosted its position in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares during the period. Versant Capital Management Inc boosted its position in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares during the period. Finally, New Millennium Group LLC acquired a new stake in Qorvo during the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.