StockNews.com Begins Coverage on Qorvo (NASDAQ:QRVO)

Equities researchers at StockNews.com began coverage on shares of Qorvo (NASDAQ:QRVO – Get Rating) in a research report issued to clients and investors on Thursday. The firm set a “hold” rating on the semiconductor company’s stock.

Several other equities research analysts have also commented on QRVO. Piper Sandler boosted their price objective on shares of Qorvo from $100.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, February 2nd. 92 Resources reiterated a “maintains” rating on shares of Qorvo in a research note on Thursday, May 4th. Morgan Stanley upped their target price on shares of Qorvo from $87.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. Mizuho upped their target price on shares of Qorvo from $100.00 to $102.00 in a research note on Thursday, May 4th. Finally, Cowen upped their target price on shares of Qorvo from $80.00 to $100.00 and gave the stock a “market perform” rating in a research note on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $108.78.

Qorvo Trading Up 2.1 %

NASDAQ:QRVO opened at $92.48 on Thursday. Qorvo has a one year low of $75.38 and a one year high of $114.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.65 and a quick ratio of 2.22. The company’s 50-day simple moving average is $95.00 and its 200 day simple moving average is $97.01. The firm has a market capitalization of $9.24 billion, a P/E ratio of 100.52, a PEG ratio of 3.58 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.13 by $0.13. Qorvo had a net margin of 2.89% and a return on equity of 12.53%. The business had revenue of $632.70 million for the quarter, compared to analyst estimates of $621.35 million. During the same quarter in the previous year, the firm posted $3.03 earnings per share. Qorvo’s quarterly revenue was down 45.7% on a year-over-year basis. As a group, analysts forecast that Qorvo will post 3.89 EPS for the current fiscal year.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Qorvo by 0.5% during the first quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock valued at $1,513,630,000 after buying an additional 58,395 shares during the last quarter. Baupost Group LLC MA boosted its position in shares of Qorvo by 11.8% in the first quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after purchasing an additional 699,968 shares during the period. State Street Corp boosted its position in shares of Qorvo by 0.3% in the first quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock worth $595,916,000 after purchasing an additional 16,097 shares during the period. FIL Ltd boosted its position in shares of Qorvo by 23.3% in the first quarter. FIL Ltd now owns 2,459,469 shares of the semiconductor company’s stock worth $249,808,000 after purchasing an additional 464,185 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Qorvo by 0.3% in the first quarter. Geode Capital Management LLC now owns 2,151,025 shares of the semiconductor company’s stock worth $217,996,000 after purchasing an additional 5,396 shares during the period. 86.47% of the stock is owned by hedge funds and other institutional investors.

About Qorvo

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.