Qorvo (NASDAQ:QRVO) Raised to “Buy” at Wall Street Zen

Qorvo (NASDAQ:QRVO) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

QRVO has been the subject of a number of other research reports. Barclays lifted their price target on Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on Qorvo in a report on Monday, April 28th. Loop Capital cut their target price on Qorvo from $90.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Needham & Company LLC lowered their price target on Qorvo from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Finally, Mizuho raised their price objective on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six 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 $91.21.

Qorvo Stock Down 2.0%

Shares of NASDAQ:QRVO opened at $74.60 on Friday. 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 52-week low of $49.46 and a 52-week high of $130.99. The business’s 50 day simple moving average is $67.66 and its two-hundred day simple moving average is $71.49. The firm has a market cap of $6.94 billion, a P/E ratio of 266.43, a PEG ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping 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 period in the prior year, the firm earned $1.39 earnings per share. Qorvo’s revenue for the quarter was down 7.6% on a year-over-year basis. As a group, research analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares of the company’s stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds have recently made changes to their positions in QRVO. Janney Montgomery Scott LLC lifted its holdings in Qorvo by 245.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock valued at $1,024,000 after purchasing an additional 10,405 shares during the last quarter. CX Institutional bought a new stake in shares of Qorvo in the fourth quarter valued at approximately $224,000. Blue Trust Inc. raised its position in shares of Qorvo by 23.6% in the fourth quarter. Blue Trust Inc. now owns 1,739 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 332 shares during the period. KBC Group NV lifted its stake in shares of Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after buying an additional 637,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Qorvo by 33.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 715,045 shares of the semiconductor company’s stock worth $50,003,000 after buying an additional 177,315 shares during the period. 88.57% of the stock is currently 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.