Qorvo (NASDAQ:QRVO) Upgraded by Piper Sandler to Overweight Rating

Piper Sandler upgraded shares of Qorvo (NASDAQ:QRVOFree Report) from a neutral rating to an overweight rating in a research note released on Monday, Marketbeat.com reports. The brokerage currently has $110.00 target price on the semiconductor company’s stock, up from their prior target price of $85.00.

A number of other research analysts have also recently issued reports on the stock. UBS Group dropped their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Wednesday, October 30th. Finally, Mizuho increased their target price on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.82.

Read Our Latest Stock Analysis on Qorvo

Qorvo Trading Down 1.5 %

NASDAQ QRVO opened at $87.63 on Monday. The stock has a market capitalization of $8.28 billion, a P/E ratio of -60.02, a P/E/G ratio of 6.98 and a beta of 1.40. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The firm has a 50-day moving average price of $72.61 and a 200 day moving average price of $92.14. 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:QRVOGet Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.99 earnings per share. Equities research analysts expect that Qorvo will post 3.37 EPS for the current year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently made changes to their positions in QRVO. Assenagon Asset Management S.A. boosted its holdings 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 valued at $57,125,000 after purchasing an additional 645,829 shares during the last quarter. KBC Group NV boosted its holdings in shares of Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after purchasing an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Qorvo in the 3rd quarter valued at $22,726,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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