Fintel reports that on August 3, 2023, Exane BNP Paribas upgraded their outlook for Qorvo (NASDAQ:QRVO) from Neutral to Outperform.

Analyst Price Forecast Suggests 4.62% Upside

As of August 2, 2023, the average one-year price target for Qorvo is 111.01. The forecasts range from a low of 85.85 to a high of $147.00. The average price target represents an increase of 4.62% from its latest reported closing price of 106.11.

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The projected annual revenue for Qorvo is 3,838MM, an increase of 20.49%. The projected annual non-GAAP EPS is 6.88.

What is the Fund Sentiment?

There are 1191 funds or institutions reporting positions in Qorvo. This is a decrease of 23 owner(s) or 1.90% in the last quarter. Average portfolio weight of all funds dedicated to QRVO is 0.17%, a decrease of 7.68%. Total shares owned by institutions decreased in the last three months by 1.49% to 101,609K shares. The put/call ratio of QRVO is 0.71, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital Research Global Investors holds 5,248K shares representing 5.35% ownership of the company. In it’s prior filing, the firm reported owning 5,607K shares, representing a decrease of 6.83%. The firm decreased its portfolio allocation in QRVO by 0.95% over the last quarter.

Baupost Group holds 4,650K shares representing 4.74% ownership of the company. In it’s prior filing, the firm reported owning 5,732K shares, representing a decrease of 23.27%. The firm decreased its portfolio allocation in QRVO by 4.69% over the last quarter.

AMCPX – AMCAP FUND holds 3,638K shares representing 3.71% ownership of the company. In it’s prior filing, the firm reported owning 4,043K shares, representing a decrease of 11.16%. The firm decreased its portfolio allocation in QRVO by 17.05% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,091K shares representing 3.15% ownership of the company. In it’s prior filing, the firm reported owning 3,082K shares, representing an increase of 0.29%. The firm increased its portfolio allocation in QRVO by 3.77% over the last quarter.

Boston Partners holds 2,543K shares representing 2.59% ownership of the company. In it’s prior filing, the firm reported owning 3,608K shares, representing a decrease of 41.89%. The firm decreased its portfolio allocation in QRVO by 19.82% over the last quarter.

Qorvo Background Information
(This description is provided by the company.)

Qorvo makes a better world possible by providing innovative Radio Frequency (RF) solutions at the center of connectivity. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including advanced wireless devices, wired and wireless networks and defense radar and communications. Qorvo also leverages unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things.

This article originally appeared on Fintel

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