Qorvo (NASDAQ:QRVO – Get Free Report) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.
A number of other brokerages also recently weighed in on QRVO. Susquehanna lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. TD Cowen lowered their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. BNP Paribas downgraded 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, Citigroup cut their price target on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $95.84.
Check Out Our Latest Stock Analysis on Qorvo
Qorvo Trading Down 2.7 %
Qorvo (NASDAQ:QRVO – Get Free Report) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate 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 firm posted $1.99 EPS. On average, equities research analysts forecast that Qorvo will post 3.37 earnings per share for the current year.
Insiders Place Their Bets
In other news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Institutional Investors Weigh In On Qorvo
A number of institutional investors have recently added to or reduced their stakes in QRVO. Larson Financial Group LLC boosted its stake in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Qorvo in the third quarter worth $41,000. Versant Capital Management Inc grew its stake in Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 286 shares during the period. Farther Finance Advisors LLC increased its position in shares of Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the last quarter. Finally, CENTRAL TRUST Co raised its stake in shares of Qorvo by 2,621.4% during the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 734 shares during the period. 88.57% of the stock is owned by 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.
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