The Goldman Sachs Group Initiates Coverage on Qorvo (NASDAQ:QRVO)

Equities research analysts at The Goldman Sachs Group initiated coverage on shares of Qorvo (NASDAQ:QRVO) in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $90.00 price target on the semiconductor company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 2.01% from the company’s current price.

Other analysts have also issued reports about the company. Piper Sandler reissued an “overweight” rating and issued a $110.00 price target on shares of Qorvo in a research note on Friday, June 27th. Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a research report on Monday, April 28th. Citigroup reiterated a “sell” rating on shares of Qorvo in a report on Tuesday, June 10th. Loop Capital lowered their price objective on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Finally, Mizuho set a $84.00 target price on Qorvo and gave the stock a “neutral” rating in a research report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average price target of $91.53.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $88.23 on Thursday. The company has a market cap of $8.19 billion, a P/E ratio of 152.12, a PEG ratio of 2.41 and a beta of 1.39. The company has a 50-day moving average price of $80.02 and a 200 day moving average price of $74.59. Qorvo has a 52 week low of $49.46 and a 52 week high of $130.99. The company has a quick ratio of 1.95, a current ratio of 2.77 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to analysts’ expectations of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo’s revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.39 earnings per share. Research analysts predict that Qorvo will post 4.09 earnings per share for the current year.

Insider Transactions at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares of the company’s stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. raised its stake in shares of Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after purchasing an additional 1,816,811 shares in the last quarter. FIL Ltd lifted its holdings in Qorvo by 5.3% during the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company’s stock worth $232,464,000 after buying an additional 166,461 shares during the last quarter. Vulcan Value Partners LLC grew its position in shares of Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock worth $180,487,000 after acquiring an additional 902,353 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new stake in shares of Qorvo in the 1st quarter valued at approximately $168,980,000. Finally, Contour Asset Management LLC acquired a new stake in shares of Qorvo during the 1st quarter valued at approximately $151,698,000. 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.