ValuEngine upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a hold rating in a report issued on Tuesday, ValuEngine reports.
A number of other brokerages have also recently issued reports on QRVO. Raymond James increased their price objective on Qorvo from $98.00 to $135.00 and gave the stock an outperform rating in a report on Thursday, January 30th. They noted that the move was a valuation call. Wells Fargo & Co initiated coverage on Qorvo in a report on Monday, February 10th. They issued an overweight rating and a $135.00 price target on the stock. Needham & Company LLC raised their price target on Qorvo from $105.00 to $150.00 and gave the company a buy rating in a report on Thursday, January 30th. Morgan Stanley raised their price target on Qorvo from $112.00 to $120.00 and gave the company an equal weight rating in a report on Thursday, January 30th. Finally, Cowen reaffirmed an outperform rating and issued a $140.00 price target (up previously from $125.00) on shares of Qorvo in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $111.32.
Shares of NASDAQ:QRVO traded down $2.94 during trading on Tuesday, hitting $94.36. 1,800,462 shares of the company were exchanged, compared to its average volume of 2,211,874. The company has a market cap of $11.26 billion, a PE ratio of 32.65, a P/E/G ratio of 1.54 and a beta of 1.26. The stock has a 50 day moving average of $106.15 and a 200 day moving average of $95.83. Qorvo has a 52-week low of $58.52 and a 52-week high of $122.37. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.21 and a quick ratio of 3.23.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, January 29th. The semiconductor company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.40. The firm had revenue of $869.10 million for the quarter, compared to the consensus estimate of $852.62 million. Qorvo had a return on equity of 14.97% and a net margin of 11.03%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.85 earnings per share. Sell-side analysts forecast that Qorvo will post 5.39 EPS for the current fiscal year.
In other Qorvo news, VP James L. Klein sold 1,906 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $114.76, for a total value of $218,732.56. Following the completion of the sale, the vice president now directly owns 45,759 shares of the company’s stock, valued at $5,251,302.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gina Harrison sold 1,328 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $109.16, for a total transaction of $144,964.48. Following the completion of the sale, the vice president now directly owns 17,058 shares of the company’s stock, valued at $1,862,051.28. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Parametric Portfolio Associates LLC grew its stake in shares of Qorvo by 11.4% in the third quarter. Parametric Portfolio Associates LLC now owns 321,398 shares of the semiconductor company’s stock worth $23,828,000 after acquiring an additional 33,010 shares during the period. Pictet Asset Management Ltd. grew its position in shares of Qorvo by 16.1% in the third quarter. Pictet Asset Management Ltd. now owns 32,095 shares of the semiconductor company’s stock valued at $2,380,000 after purchasing an additional 4,450 shares during the period. HWG Holdings LP acquired a new stake in shares of Qorvo in the fourth quarter valued at about $191,000. Alps Advisors Inc. grew its position in shares of Qorvo by 22.9% in the third quarter. Alps Advisors Inc. now owns 13,650 shares of the semiconductor company’s stock valued at $1,012,000 after purchasing an additional 2,540 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Qorvo by 107.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 147,369 shares of the semiconductor company’s stock valued at $17,129,000 after purchasing an additional 76,264 shares during the period. 89.03% of the stock is owned by institutional investors.
About Qorvo
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
