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

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

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus lowered their price objective on Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday. Bank of America dropped their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. Barclays decreased their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. TD Cowen dropped their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, Morgan Stanley raised Qorvo from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Performance

NASDAQ QRVO opened at $86.03 on Wednesday. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The firm has a 50-day moving average of $73.41 and a 200-day moving average of $91.84. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company 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 business’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. On average, research analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Activity

In other 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 transaction 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 document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Assenagon Asset Management S.A. raised its stake in shares of 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 raised its position in Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after purchasing an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after buying an additional 487,621 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Qorvo by 78.6% during 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 buying an additional 236,590 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Qorvo in the 3rd quarter valued at about $22,726,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.