Qorvo (NASDAQ:QRVO) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a report issued on Friday.

QRVO has been the subject of a number of other research reports. Piper Sandler lowered their price target on shares of Qorvo from $120.00 to $105.00 and set a neutral rating for the company in a report on Thursday, February 1st. JPMorgan Chase & Co. cut their target price on Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research report on Thursday. Rosenblatt Securities increased their price target on Qorvo from $95.00 to $105.00 and gave the company a neutral rating in a report on Thursday, February 1st. Raymond James lifted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Finally, Benchmark reduced their target price on shares of Qorvo from $136.00 to $128.00 and set a buy rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Qorvo presently has an average rating of Hold and a consensus price target of $110.83.

Qorvo Trading Up 0.3 %

NASDAQ:QRVO opened at $95.95 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. Qorvo has a 1 year low of $80.62 and a 1 year high of $121.65. The stock’s 50 day simple moving average is $113.15 and its two-hundred day simple moving average is $105.59.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. Qorvo’s quarterly revenue was up 48.7% on a year-over-year basis. As a group, analysts anticipate that Qorvo will post 6.69 earnings per share for the current year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Paul J. Fego sold 3,027 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the completion of the sale, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at $3,386,370. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock worth $745,434 in the last ninety days. 0.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently bought and sold shares of the business. RIA Advisory Group LLC bought a new stake in Qorvo during the 1st quarter valued at $295,000. Daiwa Securities Group Inc. boosted its position in Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares in the last quarter. Nordea Investment Management AB boosted its position in Qorvo by 1.2% during the first quarter. Nordea Investment Management AB now owns 373,914 shares of the semiconductor company’s stock valued at $42,974,000 after purchasing an additional 4,257 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in Qorvo in the first quarter valued at about $58,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its holdings in Qorvo by 13.2% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,708 shares of the semiconductor company’s stock worth $311,000 after purchasing an additional 315 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other 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.