Qorvo (NASDAQ:QRVO) Raised to Buy at Benchmark

Qorvo (NASDAQ:QRVO) was upgraded by investment analysts at Benchmark from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $95.00 target price on the semiconductor company’s stock. Benchmark’s target price indicates a potential upside of 36.08% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. TD Cowen lowered their price objective on shares of Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Finally, The Goldman Sachs Group cut their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $91.21.

Qorvo Price Performance

Qorvo stock opened at $69.81 on Wednesday. The company’s 50 day simple moving average is $66.52 and its 200-day simple moving average is $73.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. Qorvo has a 1 year low of $49.46 and a 1 year high of $130.99. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of 249.32, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The company had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same quarter in the previous year, the company earned $1.39 earnings per share. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. As a group, equities research analysts expect that Qorvo will post 4.09 earnings per share for the current year.

Institutional Investors Weigh In On Qorvo

Several institutional investors have recently added to or reduced their stakes in QRVO. City Holding Co. acquired a new stake in Qorvo during the first quarter worth approximately $25,000. Rakuten Securities Inc. purchased a new position in shares of Qorvo in the 4th quarter valued at $28,000. Huntington National Bank grew its position in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 145 shares during the last quarter. Curat Global LLC purchased a new stake in Qorvo in the first quarter valued at $34,000. Finally, SBI Securities Co. Ltd. acquired a new position in Qorvo in the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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.