Qorvo (NASDAQ:QRVO) Upgraded to “Buy” at StockNews.com

Qorvo (NASDAQ:QRVOGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

QRVO has been the subject of several other reports. Raymond James lowered their target price on shares of Qorvo from $180.00 to $155.00 in a research note on Thursday, May 5th. Susquehanna lowered their target price on shares of Qorvo from $150.00 to $120.00 in a research note on Thursday, May 5th. KGI Securities cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $140.00 target price for the company. in a research note on Friday, April 1st. UBS Group decreased their price target on shares of Qorvo from $145.00 to $135.00 in a report on Thursday, May 5th. Finally, Citigroup decreased their price target on shares of Qorvo from $144.00 to $142.00 and set a “neutral” rating on the stock in a report on Tuesday, March 22nd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $162.09.

Shares of QRVO traded up $1.71 during mid-day trading on Tuesday, reaching $111.54. 1,031,602 shares of the company’s stock were exchanged, compared to its average volume of 1,413,067. The company has a quick ratio of 2.51, a current ratio of 3.63 and a debt-to-equity ratio of 0.45. The company has a 50-day simple moving average of $111.96 and a two-hundred day simple moving average of $130.99. Qorvo has a 52-week low of $98.23 and a 52-week high of $201.46. The company has a market cap of $11.83 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.76 and a beta of 1.34.

Qorvo (NASDAQ:QRVOGet Rating) last released its earnings results on Wednesday, May 4th. The semiconductor company reported $3.12 EPS for the quarter, topping the consensus estimate of $2.71 by $0.41. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Qorvo had a net margin of 22.24% and a return on equity of 28.07%. Qorvo’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.59 EPS. As a group, equities research analysts predict that Qorvo will post 9.65 EPS for the current fiscal year.

In other Qorvo news, Director Jeffery R. Gardner sold 1,000 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $110.57, for a total value of $110,570.00. Following the transaction, the director now owns 31,793 shares in the company, valued at approximately $3,515,352.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roderick Nelson sold 4,761 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $104.45, for a total transaction of $497,286.45. Following the completion of the transaction, the director now owns 5,595 shares in the company, valued at approximately $584,397.75. The disclosure for this sale can be found here. Insiders sold a total of 11,906 shares of company stock worth $1,270,852 in the last quarter. 0.52% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its position in shares of Qorvo by 71.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 236,149 shares of the semiconductor company’s stock worth $39,482,000 after purchasing an additional 98,377 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Qorvo by 151.0% in the 3rd quarter. Franklin Resources Inc. now owns 42,486 shares of the semiconductor company’s stock worth $7,103,000 after purchasing an additional 25,560 shares during the last quarter. Cornercap Investment Counsel Inc. increased its position in shares of Qorvo by 35.9% in the 3rd quarter. Cornercap Investment Counsel Inc. now owns 10,681 shares of the semiconductor company’s stock worth $1,786,000 after purchasing an additional 2,822 shares during the last quarter. Panview Asian Equity Master Fund increased its position in shares of Qorvo by 103.0% in the 4th quarter. Panview Asian Equity Master Fund now owns 67,000 shares of the semiconductor company’s stock worth $10,478,000 after purchasing an additional 34,000 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of Qorvo by 228.5% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 726 shares of the semiconductor company’s stock worth $113,000 after purchasing an additional 505 shares during the last quarter. 85.87% of the stock is owned by institutional investors.

About Qorvo (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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