Canaccord Genuity analyst Michael Walkley maintained a Buy rating on Qorvo (QRVO) yesterday and set a price target of $117.00. The company’s shares closed last Thursday at $100.82.
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.7% and a 63.4% success rate. Walkley covers the Technology sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Synchronoss Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Qorvo with a $112.77 average price target, an 11.5% upside from current levels. In a report issued on May 5, Needham also assigned a Buy rating to the stock with a $150.00 price target.
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Based on Qorvo’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $869 million and net profit of $161 million. In comparison, last year the company earned revenue of $832 million and had a net profit of $69.52 million.
Based on the recent corporate insider activity of 90 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2020, Ralph Quinsey, a Director at QRVO sold 109,774 shares for a total of $10,333,231.
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Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment supplies of RF solutions that perform various functions in the increasingly complex cellular radio front end section of smartphones and other cellular devices. The Infrastructure & Defense Products segment supplier of RF solutions that support diverse global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, rapid internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters, integrated modules, optical components, oscillators, passives and switches. The company was founded on December 13, 2013 and is headquartered in Greensboro, NC.
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