StockNews.com Upgrades Qorvo (NASDAQ:QRVO) to Buy

Qorvo (NASDAQ:QRVO) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC reduced their price objective on shares of Qorvo from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday. Rosenblatt Securities raised their price objective on Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. dropped their target price on Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday. Barclays reduced their target price on Qorvo from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Susquehanna lowered their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $110.83.

Qorvo Price Performance

Shares of NASDAQ QRVO traded up $0.28 during trading on Friday, reaching $95.95. The company had a trading volume of 2,424,505 shares, compared to its average volume of 1,346,378. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The stock has a 50-day moving average price of $113.49 and a two-hundred day moving average price of $105.57. The stock has a market capitalization of $9.26 billion, a PE ratio of -131.44, a price-to-earnings-growth ratio of 0.86 and a beta of 1.53.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.25%. The firm’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 EPS. As a group, sell-side analysts predict that Qorvo will post 6.69 earnings per share for the current year.

Insider Activity at Qorvo

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is currently owned by corporate insiders.

Institutional Trading of Qorvo

Several large investors have recently modified their holdings of the business. Park Place Capital Corp boosted its holdings in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Qorvo during the 1st quarter valued at approximately $40,000. Fidelis Capital Partners LLC acquired a new stake in shares of Qorvo during the first quarter worth approximately $58,000. Huntington National Bank increased its stake in shares of Qorvo by 8,090.0% in the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after buying an additional 809 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Qorvo in the fourth quarter valued at $104,000. 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.