StockNews.com Upgrades Qorvo (NASDAQ:QRVO) to Buy

Qorvo (NASDAQ:QRVO) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts also recently issued reports on QRVO. Barclays reduced their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Craig Hallum decreased their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Citigroup cut their price objective on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research report on Wednesday. The Goldman Sachs Group decreased their target price on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Performance

QRVO stock traded up $0.25 during midday trading on Wednesday, reaching $86.03. 6,013,452 shares of the company were exchanged, compared to its average volume of 3,963,468. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of -58.92, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40. The business has a 50-day moving average price of $73.41 and a two-hundred day moving average price of $91.84. Qorvo has a one year low of $64.54 and a one year high of $130.99. 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 released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the firm posted $1.99 EPS. Equities research analysts forecast that Qorvo will post 3.37 EPS for the current year.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the firm’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 of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its position in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Qorvo in the third quarter worth $41,000. Farther Finance Advisors LLC raised its holdings in 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 purchasing an additional 104 shares in the last quarter. Versant Capital Management Inc lifted its position in Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 286 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of Qorvo by 33.8% during the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after buying an additional 186 shares in the last quarter. 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.