Qorvo (NASDAQ:QRVO) Trading 7.6% Higher – Time to Buy?

Qorvo, Inc. (NASDAQ:QRVO) shares shot up 7.6% during trading on Friday . The company traded as high as $76.62 and last traded at $76.59. 1,939,275 shares changed hands during trading, a decline of 34% from the average session volume of 2,931,389 shares. The stock had previously closed at $71.20.

Analyst Ratings Changes

Several equities analysts recently commented on QRVO shares. Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Qorvo in a research report on Wednesday, January 29th. The Goldman Sachs Group cut their price target on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Benchmark restated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Finally, Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Up 7.8 %

The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The company has a market cap of $7.17 billion, a P/E ratio of 274.12, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. The firm’s 50 day moving average price is $76.98 and its 200-day moving average price is $84.95.

Institutional Trading of Qorvo

A number of institutional investors have recently bought and sold shares of QRVO. Farther Finance Advisors LLC increased its position in Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares during the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after acquiring an additional 140 shares during the period. Alexander Randolph Advisory Inc. increased its holdings in shares of Qorvo by 1.0% during the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company’s stock worth $950,000 after acquiring an additional 140 shares during the last quarter. Huntington National Bank raised its stake in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 145 shares during the period. Finally, Martingale Asset Management L P raised its stake in Qorvo by 1.0% in the 3rd quarter. Martingale Asset Management L P now owns 19,061 shares of the semiconductor company’s stock valued at $1,969,000 after acquiring an additional 181 shares during the period. Institutional investors and hedge funds 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.