Qorvo (NASDAQ:QRVO) Trading Up 3.8% – Here’s What Happened

Qorvo, Inc. (NASDAQ:QRVO)’s stock price rose 3.8% during mid-day trading on Tuesday . The stock traded as high as $75.50 and last traded at $75.69. Approximately 1,101,727 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 1,910,040 shares. The stock had previously closed at $72.91.

Analysts Set New Price Targets

QRVO has been the subject of a number of recent research reports. Stifel Nicolaus decreased their price objective on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. Citigroup dropped their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a report on Wednesday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Qorvo in a report on Wednesday, January 29th. Benchmark reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Three 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 currently has an average rating of “Hold” and an average price target of $95.84.

Qorvo Stock Performance

The company has a market cap of $6.88 billion, a PE ratio of 263.18, a PEG ratio of 15.57 and a beta of 1.48. 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 business’s 50 day moving average is $77.23 and its two-hundred day moving average is $80.93.

Institutional Investors Weigh In On Qorvo

A number of hedge funds have recently bought and sold shares of QRVO. Alexander Randolph Advisory Inc. grew its position in Qorvo by 1.0% in the fourth 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 in the last quarter. Huntington National Bank raised its holdings in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 145 shares during the period. Martingale Asset Management L P lifted its position in Qorvo by 1.0% in the third quarter. Martingale Asset Management L P now owns 19,061 shares of the semiconductor company’s stock worth $1,969,000 after buying an additional 181 shares during the last quarter. Truvestments Capital LLC boosted its stake in Qorvo by 7.2% during the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company’s stock worth $194,000 after buying an additional 185 shares during the period. Finally, Larson Financial Group LLC increased its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares during 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.