Qorvo (NASDAQ:QRVO) Upgraded at StockNews.com

StockNews.com upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a report published on Wednesday.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group lowered their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Morgan Stanley raised Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price on shares of Qorvo in a research report on Wednesday. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and upped their price target for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Finally, Craig Hallum dropped their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Stock Performance

Shares of QRVO opened at $82.98 on Wednesday. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 296.36, a P/E/G ratio of 6.89 and a beta of 1.40. The business’s fifty day simple moving average is $74.01 and its two-hundred day simple moving average is $91.48. Qorvo has a 12 month low of $64.54 and a 12 month high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a return on equity of 12.32% and a net margin of 0.71%. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the company earned $1.99 EPS. Research analysts anticipate that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds have recently modified their holdings of QRVO. Pacer Advisors Inc. increased its position in Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after purchasing an additional 101,742 shares during the last quarter. KBC Group NV grew its stake in shares of Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after buying an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after buying an additional 487,621 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Qorvo by 377.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after acquiring an additional 645,829 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Company Profile

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.