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

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

A number of other analysts have also recently issued reports on QRVO. Benchmark decreased their target price on Qorvo from $136.00 to $128.00 and set a buy rating for the company in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price target on Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research report on Thursday, May 2nd. Susquehanna upped their price target on Qorvo from $95.00 to $145.00 and gave the stock a neutral rating in a report on Wednesday, July 17th. Needham & Company LLC reiterated a buy rating and set a $110.00 price objective on shares of Qorvo in a research note on Wednesday, June 12th. Finally, The Goldman Sachs Group decreased their target price on shares of Qorvo from $117.00 to $105.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Qorvo currently has a consensus rating of Hold and an average price target of $112.94.

Qorvo Stock Performance

NASDAQ QRVO opened at $122.01 on Wednesday. The business’s 50-day moving average price is $111.88 and its 200 day moving average price is $110.32. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo has a twelve month low of $80.62 and a twelve month high of $130.99. The company has a market capitalization of $11.59 billion, a PE ratio of -167.14, a price-to-earnings-growth ratio of 1.15 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. During the same quarter in the prior year, the company posted $0.11 EPS. The company’s quarterly revenue was up 48.7% compared to the same quarter last year. On average, research analysts predict that Qorvo will post 5.16 earnings per share for the current year.

Insider Buying and Selling

In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the sale, the chief executive officer now owns 190,161 shares in the company, valued at $19,016,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the completion of the sale, the chief executive officer now owns 190,161 shares in the company, valued at $19,016,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total transaction of $472,100.00. Following the sale, the chief executive officer now directly owns 205,440 shares in the company, valued at $20,544,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,372 shares of company stock worth $4,517,858. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently bought and sold shares of the business. Mather Group LLC. raised its position in shares of Qorvo by 5.6% during the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after purchasing an additional 96 shares during the period. Zhang Financial LLC increased its position in Qorvo by 2.7% in the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock worth $434,000 after buying an additional 102 shares during the period. Quadrature Capital Ltd lifted its stake in Qorvo by 0.4% in the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock valued at $2,825,000 after buying an additional 103 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares during the period. Finally, Empirical Finance LLC grew its position in shares of Qorvo by 3.2% during the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after acquiring an additional 117 shares during the last quarter. 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.