Qorvo (NASDAQ:QRVO) Upgraded by StockNews.com to “Buy” Rating

Qorvo (NASDAQ:QRVOGet Free Report) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

Several other analysts have also issued reports on the stock. Benchmark reissued a “hold” rating on shares of Qorvo in a research report on Wednesday. Stifel Nicolaus lowered their target price on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $95.84.

Check Out Our Latest Stock Report on QRVO

Qorvo Stock Performance

Shares of QRVO opened at $83.72 on Wednesday. Qorvo has a 1 year low of $64.54 and a 1 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. The stock’s fifty day moving average price is $73.73 and its two-hundred day moving average price is $91.78. The firm has a market cap of $7.91 billion, a PE ratio of -57.34, a PEG ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVOGet Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion for 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 quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.99 EPS. On average, equities research analysts forecast that Qorvo will post 3.37 EPS for the current year.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of the company’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 completion of the transaction, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its position in Qorvo by 377.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after acquiring an additional 645,829 shares during the last quarter. KBC Group NV grew its holdings in shares of Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after purchasing an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings 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 purchasing an additional 487,621 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd bought a new stake in Qorvo in the third quarter worth $22,726,000. Institutional investors own 88.57% of the company’s stock.

About Qorvo

(Get Free Report)

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.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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