Qorvo (QRVO) Receives “Market Perform” Rating from Cowen

Qorvo (NASDAQ:QRVO)‘s stock had its “market perform” rating reissued by Cowen in a report issued on Thursday, MarketBeat reports. They presently have a $71.00 price target on the semiconductor company’s stock, down from their prior price target of $75.00. Cowen’s price objective indicates a potential upside of 7.89% from the company’s current price.

Several other equities analysts have also commented on QRVO. Summit Insights raised shares of Qorvo from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Craig Hallum increased their price objective on shares of Qorvo from $71.00 to $73.00 and gave the company a “hold” rating in a research report on Thursday, August 2nd. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a report on Saturday, August 4th. ValuEngine downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, August 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $92.00 price target on shares of Qorvo in a report on Thursday, November 1st. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. Qorvo presently has a consensus rating of “Hold” and an average price target of $80.83.

QRVO stock opened at $65.81 on Thursday. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 1.11 and a beta of 0.92. Qorvo has a one year low of $61.00 and a one year high of $86.84. The company has a quick ratio of 2.48, a current ratio of 3.50 and a debt-to-equity ratio of 0.16.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.13. The business had revenue of $884.40 million during the quarter, compared to analyst estimates of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.52 earnings per share. Analysts predict that Qorvo will post 5.32 earnings per share for the current year.

In other news, Director Roderick Nelson sold 1,262 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $64.80, for a total transaction of $81,777.60. Following the sale, the director now owns 2,347 shares of the company’s stock, valued at approximately $152,085.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gina Harrison sold 1,016 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $74.00, for a total transaction of $75,184.00. Following the sale, the vice president now directly owns 18,381 shares in the company, valued at approximately $1,360,194. The disclosure for this sale can be found here. Insiders have sold a total of 35,558 shares of company stock worth $2,537,948 in the last ninety days. Corporate insiders own 0.85% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. NEXT Financial Group Inc acquired a new stake in shares of Qorvo during the 3rd quarter worth approximately $110,000. Piedmont Investment Advisors LLC acquired a new stake in Qorvo in the 2nd quarter valued at $119,000. National Pension Service acquired a new stake in Qorvo in the 3rd quarter valued at $159,000. Huntington National Bank grew its stake in Qorvo by 2,381.0% in the 3rd quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock valued at $160,000 after acquiring an additional 2,000 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Qorvo by 216.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,225 shares of the semiconductor company’s stock valued at $171,000 after acquiring an additional 1,522 shares during the period. 94.77% of the stock is currently owned by institutional investors and hedge funds.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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