Benchmark assumed coverage on shares of Qorvo (NASDAQ:QRVO) in a research note released on Thursday, The Fly reports. The firm issued a buy rating and a $90.00 price target on the semiconductor company’s stock.

Several other research analysts have also recently issued reports on QRVO. Craig Hallum restated a buy rating and issued a $85.00 price objective (up from $75.00) on shares of Qorvo in a research note on Friday, August 2nd. BidaskClub upgraded Qorvo from a hold rating to a buy rating in a research note on Thursday. Canaccord Genuity restated a buy rating and issued a $76.00 price objective (down from $87.00) on shares of Qorvo in a research note on Tuesday, May 21st. Zacks Investment Research cut Qorvo from a buy rating to a hold rating in a research note on Thursday, May 23rd. Finally, Cowen restated a market perform rating and issued a $75.00 price objective (up from $65.00) on shares of Qorvo in a research note on Friday, August 2nd. Thirteen research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Qorvo has an average rating of Hold and a consensus price target of $77.45.

Qorvo stock traded down $0.31 during midday trading on Thursday, reaching $77.49. The company’s stock had a trading volume of 96,641 shares, compared to its average volume of 1,126,815. The stock’s 50-day simple moving average is $72.38 and its 200-day simple moving average is $70.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.44 and a quick ratio of 2.30. Qorvo has a 52-week low of $54.74 and a 52-week high of $79.29. The stock has a market capitalization of $9.23 billion, a P/E ratio of 14.76, a PEG ratio of 1.89 and a beta of 1.09.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.23. Qorvo had a return on equity of 15.77% and a net margin of 6.39%. The company had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. During the same period last year, the business posted $0.96 earnings per share. The firm’s revenue was up 12.0% compared to the same quarter last year. As a group, equities research analysts expect that Qorvo will post 4.3 earnings per share for the current fiscal year.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $61.71, for a total value of $118,112.94. Following the sale, the vice president now directly owns 51,945 shares of the company’s stock, valued at $3,205,525.95. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Gina Harrison sold 1,328 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.98, for a total value of $100,901.44. Following the completion of the sale, the vice president now directly owns 18,689 shares in the company, valued at $1,419,990.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,633 shares of company stock worth $2,312,438. 0.71% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Neuberger Berman Group LLC acquired a new stake in shares of Qorvo in the first quarter worth approximately $54,992,000. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Qorvo in the first quarter worth approximately $43,431,000. Renaissance Technologies LLC lifted its position in Qorvo by 755.1% during the second quarter. Renaissance Technologies LLC now owns 529,306 shares of the semiconductor company’s stock worth $35,257,000 after buying an additional 467,406 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Qorvo by 13,099.6% during the second quarter. Nuveen Asset Management LLC now owns 406,944 shares of the semiconductor company’s stock worth $27,107,000 after buying an additional 403,861 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Qorvo during the second quarter worth approximately $20,590,000. 91.52% of the stock is currently owned by institutional investors.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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The Fly

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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