Qorvo (NASDAQ:QRVO) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Qorvo (NASDAQ:QRVO) from an equal weight rating to an overweight rating in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $106.00 target price on the semiconductor company’s stock, up from their prior target price of $90.00.

A number of other research analysts also recently commented on QRVO. Piper Sandler lowered their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Mizuho lowered their price target on Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Wednesday, October 30th. Needham & Company LLC initiated coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 target price for the company. Finally, TD Cowen dropped their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.65.

Qorvo Price Performance

Shares of QRVO opened at $87.58 on Tuesday. The business’s 50-day moving average is $70.80 and its 200-day moving average is $93.08. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of -59.99, a P/E/G ratio of 6.75 and a beta of 1.40. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.99 EPS. Equities research analysts expect that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CX Institutional acquired a new position in shares of Qorvo during the fourth quarter valued at about $224,000. Janney Montgomery Scott LLC lifted its position in shares of Qorvo by 245.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after acquiring an additional 10,405 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after acquiring an additional 645,829 shares during the period. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Qorvo during the 4th quarter worth approximately $202,000. Finally, 180 Wealth Advisors LLC increased its position in shares of Qorvo by 78.0% during the fourth quarter. 180 Wealth Advisors LLC now owns 5,293 shares of the semiconductor company’s stock valued at $370,000 after purchasing an additional 2,320 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.