Qorvo (NASDAQ:QRVO) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

Other equities analysts have also issued research reports about the company. BNP Paribas lowered Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Wednesday, October 30th. Piper Sandler lowered their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. cut their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. TD Cowen lowered their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Finally, Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $69.06 on Monday. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99. The stock has a market capitalization of $6.53 billion, a P/E ratio of -47.30, a P/E/G ratio of 5.48 and a beta of 1.42. The company’s 50-day moving average is $81.52 and its 200 day moving average is $100.45. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $1.99 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, sell-side analysts expect that Qorvo will post 3.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is currently owned by insiders.

Institutional Trading of Qorvo

A number of hedge funds have recently bought and sold shares of QRVO. Farther Finance Advisors LLC boosted its holdings in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 107 shares in the last quarter. American Trust raised its stake in Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after acquiring an additional 115 shares during the period. Verdence Capital Advisors LLC lifted its holdings in Qorvo by 3.7% during the third quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after purchasing an additional 140 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Qorvo by 1.6% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,526 shares of the semiconductor company’s stock worth $1,105,000 after purchasing an additional 150 shares during the period. 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.