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

Qorvo (NASDAQ:QRVO) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other equities research analysts also recently issued reports on QRVO. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Bank of America cut their target price 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. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday, October 30th. UBS Group decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Performance

NASDAQ QRVO traded up $1.18 during midday trading on Monday, hitting $69.51. The company had a trading volume of 2,339,479 shares, compared to its average volume of 1,470,529. The firm has a fifty day simple moving average of $82.80 and a two-hundred day simple moving average of $100.88. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -47.61, a P/E/G ratio of 5.48 and a beta of 1.42. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the firm posted $1.99 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. Equities analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo 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 trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New Millennium Group LLC acquired a new stake in Qorvo during the 2nd quarter valued at $34,000. Larson Financial Group LLC boosted its holdings 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 period. Blue Trust Inc. raised its position in shares of Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Qorvo in the third quarter worth about $41,000. Finally, Farther Finance Advisors LLC raised its position in Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares in 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.