Shares of Qorvo, Inc. (NASDAQ:QRVO) have recently garnered a “Hold” rating from twenty-two brokerages, as reported by Bloomberg.com. Among the analysts covering the stock, one has rated it as a sell, twelve have assigned a hold rating, and nine have given it a buy rating. The average 1-year price objective among these analysts is $112.67, based on their updated coverage of the stock over the past year.
In other news related to Qorvo, CEO Robert A. Bruggeworth recently sold a significant number of shares. On August 15th, he sold 10,757 shares at an average price of $102.02 per share, amounting to a total value of $1,097,429.14. Following this sale, Bruggeworth now holds 156,283 shares in the company, with an estimated value of $15,943,991.66. Another sale took place on August 22nd when the CEO offloaded 8,689 shares at an average price of $101.37 per share for a total value of $880,,803.93. After this transaction, Bruggeworth now owns 193,994 shares valued at approximately $19,665171.78.
Overall in the previous quarter alone , insiders sold 38,,183 shares worth around $3,,889”782 shares in total . Corporate insiders currently own only 0..43% percent of Qorvo’s stocks.
Turning to financial performance , Qorvo last released its quarterly earnings data on Wednesday – August ,2nd 2023 .According to reports ,the semiconductor company surpassed analyst expectations by reporting earnings per share (EPS) of $0..03 for that quarter compared to estimates’ consensus estimate at -$0..04 .Revenue for that period amounted to $651 million against an expected consensus revenue of$639.84 million.
Equities research analysts are looking forward to Qorvo posting 4.03 earnings per share for the current fiscal year, and it remains to be seen how the stock will perform moving forward.
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Qorvo Receives Positive Analyst Ratings and Investor Support, Indicating Growth Potential
August 31, 2023 – In recent months, Qorvo, a leading semiconductor company, has garnered attention from equities research analysts. BNP Paribas upgraded their rating on the company from “neutral” to “outperform,” setting a price target of $135.00 for Qorvo’s stock on August 3rd. This action reflects the positive outlook that BNP Paribas has for the company’s future performance.
Another analyst firm that has voiced confidence in Qorvo is Wolfe Research, which initiated coverage on the company on July 19th. They assigned an “outperform” rating and set a target price of $125.00. This suggests that they believe Qorvo’s stock has the potential for significant growth.
BMO Capital Markets also increased their price objective for Qorvo from $105.00 to $110.00 in a report released on May 4th. Susquehanna echoed this sentiment by raising their target price from $105.00 to $110.00 and giving the stock a “neutral” rating on August 3rd.
Needham & Company LLC reiterated its confidence in Qorvo by maintaining a “buy” rating and issuing a $125.00 price target on August 3rd as well.
These ratings and price targets reflect the optimistic sentiments from multiple equities research analysts towards Qorvo’s future prospects.
In addition to receiving positive evaluations from analysts, Qorvo has also experienced changes in its institutional investor composition recently. Arizona State Retirement System increased its stake in Qorvo by 0.3% during the fourth quarter, now owning approximately 29,213 shares of the company’s stock with an estimated value of $2,648,000.
Furthermore, Financial Gravity Asset Management Inc. entered into a new position with shares of Qorvo during the second quarter worth approximately $377,000.
Fifth Third Bancorp also increased its holdings in Qorvo by 1.8% during the second quarter, now owning 6,342 shares with an estimated value of $647,000.
Cambridge Investment Research Advisors Inc. raised its stake in Qorvo by 1.0% during the same period, holding approximately 11,820 shares valued at $1,206,000.
Finally, Parkside Financial Bank & Trust significantly boosted its stake in Qorvo by 106.4% during the first quarter, now owning 225 shares valued at $28,000.
These changes highlight the confidence exhibited by institutional investors and hedge funds in Qorvo’s potential for growth and success in the market.
As of the most recent data available, Qorvo opened at $106.46 on Thursday. The company boasts a current ratio of 3.27 and a quick ratio of 1.83, indicating strong liquidity positions to meet short-term obligations effectively.
With a debt-to-equity ratio of 0.54 and a beta of 1.43, Qorvo shows moderate leverage and higher sensitivity to market movements compared to other stocks.
Qorvo’s fifty-day simple moving average stands at $103.50, while its two-hundred-day simple moving average is reported at $99.53.
The company possesses a market capitalization of approximately $10.42 billion as of August 31st, positioning itself as a significant player within the semiconductor industry.
Despite reporting a negative price-to-earnings (P/E) ratio currently sitting at -626.24 due to some financial nuances or exceptional circumstances affecting their earnings figure(s), it is crucial to interpret this metric cautiously as it can be distorted temporarily considering various factors such as acquisitions or one-time charges occurring within the stated period.
Furthermore, with a PEG ratio of 2.58 that measures valuation taking into account the company’s growth prospects, Qorvo suggests a modestly valued stock in relation to its potential earnings growth. A value below 1 typically indicates an undervalued stock.
In conclusion, Qorvo has been subject to positive evaluations from prominent equities research analysts in recent times. These ratings and price targets indicate the analysts’ optimism regarding the company’s future performance and potential for growth. Coupled with changes in institutional investors’ positions, these developments signify an encouraging outlook for Qorvo.
