Qorvo (NASDAQ:QRVO) Hits New 52-Week High – Still a Buy?

Qorvo, Inc. (NASDAQ:QRVO) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $109.49 and last traded at $103.91, with a volume of 1354112 shares trading hands. The stock had previously closed at $108.23.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QRVO. JPMorgan Chase & Co. lifted their target price on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Morgan Stanley set a $84.00 price target on Qorvo in a report on Wednesday, January 28th. Citigroup raised their price target on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, TD Cowen cut their price target on Qorvo from $95.00 to $80.00 and set a “hold” rating for the company in a 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’s stock. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and an average target price of $96.63.

Qorvo Trading Down 4.0%

The stock has a market cap of $9.15 billion, a PE ratio of 28.70, a PEG ratio of 1.69 and a beta of 1.42. 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 stock has a fifty day moving average price of $86.09 and a 200 day moving average price of $84.36.

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

Insider Buying and Selling

In other news, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the transaction, the vice president owned 24,429 shares in the company, valued at approximately $2,442,900. The trade was a 16.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul J. Fego sold 2,500 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 8,170 shares of company stock valued at $812,220. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently bought and sold shares of the business. E20 Capital Ltd purchased a new position in Qorvo during the 1st quarter valued at $21,127,000. Bank of America Corp DE boosted its holdings in Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after acquiring an additional 1,571,303 shares during the period. Janus Henderson Group PLC boosted its holdings in Qorvo by 19.1% during the 1st quarter. Janus Henderson Group PLC now owns 548,859 shares of the semiconductor company’s stock valued at $42,473,000 after acquiring an additional 88,070 shares during the period. Amundi boosted its holdings in Qorvo by 197.2% during the 1st quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after acquiring an additional 512,475 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Qorvo by 21.6% during the 1st quarter. California State Teachers Retirement System now owns 101,540 shares of the semiconductor company’s stock valued at $7,859,000 after acquiring an additional 18,029 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.