Qorvo (NASDAQ:QRVO) Upgraded by StockNews.com to Buy Rating

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

Other equities research analysts have also issued reports about the company. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Loop Capital initiated coverage on shares of Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price target on the stock. Finally, Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $102.88.

Qorvo Trading Up 1.7 %

QRVO stock opened at $69.51 on Monday. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of -47.61, a price-to-earnings-growth ratio of 5.48 and a beta of 1.42. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm’s fifty day simple moving average is $82.80 and its two-hundred day simple moving average is $100.88.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm posted $1.99 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The sale was disclosed in a filing 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. GDS Wealth Management acquired a new stake in shares of Qorvo during the third quarter worth $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after acquiring an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Qorvo during the 3rd quarter valued at about $2,507,000. Quest Partners LLC increased its holdings in shares of Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares during the period. Finally, APG Asset Management N.V. raised its stake in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.