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

StockNews.com started coverage on shares of Qorvo (NASDAQ:QRVO – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the semiconductor company’s stock.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company lifted their price target on shares of Qorvo from $90.00 to $110.00 and gave the company an equal weight rating in a research report on Thursday, February 2nd. Mizuho boosted their target price on shares of Qorvo from $93.00 to $100.00 and gave the stock a neutral rating in a research report on Thursday, February 2nd. Piper Sandler upped their price target on shares of Qorvo from $100.00 to $120.00 and gave the company an overweight rating in a report on Thursday, February 2nd. Cowen lifted their price objective on Qorvo from $80.00 to $100.00 and gave the stock a market perform rating in a research note on Thursday, February 2nd. Finally, Raymond James started coverage on Qorvo in a research report on Wednesday, March 1st. They set an outperform rating and a $120.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Qorvo currently has a consensus rating of Hold and an average price target of $109.57.

Qorvo Trading Down 0.5 %

Shares of NASDAQ:QRVO opened at $96.65 on Thursday. The company has a current ratio of 3.68, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $9.65 billion, a PE ratio of 22.69, a P/E/G ratio of 3.05 and a beta of 1.48. Qorvo has a 1 year low of $75.38 and a 1 year high of $132.73. The firm has a fifty day moving average price of $102.54 and a 200 day moving average price of $94.05.

Qorvo (NASDAQ:QRVO – Get Rating) last released its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.12. Qorvo had a return on equity of 19.41% and a net margin of 11.06%. The company had revenue of $743.30 million during the quarter, compared to the consensus estimate of $726.33 million. During the same quarter in the prior year, the company posted $2.81 EPS. The firm’s revenue was down 33.3% on a year-over-year basis. Analysts expect that Qorvo will post 4.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Qorvo

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Qorvo by 0.5% in 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 acquiring an additional 58,395 shares during the period. Baupost Group LLC MA grew its stake in shares of Qorvo by 4.8% in the 2nd quarter. Baupost Group LLC MA now owns 6,967,036 shares of the semiconductor company’s stock valued at $657,131,000 after purchasing an additional 321,324 shares during the period. State Street Corp grew its stake in shares of Qorvo by 0.3% in the 1st quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock valued at $595,916,000 after purchasing an additional 16,097 shares during the period. Wellington Management Group LLP raised its holdings in shares of Qorvo by 52.6% in the 1st quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after buying an additional 686,046 shares in the last quarter. Finally, LSV Asset Management lifted its position in shares of Qorvo by 3.0% during the 4th quarter. LSV Asset Management now owns 1,791,794 shares of the semiconductor company’s stock worth $162,408,000 after buying an additional 51,965 shares during the period. 86.47% of the stock is owned by 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.