Qorvo (QRVO) Lifted to Hold at ValuEngine

Qorvo (NASDAQ:QRVO) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Friday.

A number of other research analysts also recently weighed in on QRVO. BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a report on Friday, September 21st. Morgan Stanley reduced their price target on Qorvo from $75.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. Zacks Investment Research upgraded Qorvo from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Wednesday, October 17th. Barclays reduced their price target on Qorvo from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, October 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $92.00 price target on shares of Qorvo in a research report on Thursday, November 1st. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $78.17.

QRVO stock traded up $1.83 during trading on Friday, reaching $63.69. The stock had a trading volume of 1,506,371 shares, compared to its average volume of 1,857,609. Qorvo has a 52 week low of $54.74 and a 52 week high of $86.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.48 and a current ratio of 3.50. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.14 and a beta of 0.87.

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

In related news, VP James L. Klein sold 2,094 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $70.52, for a total transaction of $147,668.88. Following the completion of the sale, the vice president now owns 51,638 shares in the company, valued at $3,641,511.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 4,500 shares of the stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $60.81, for a total value of $273,645.00. Following the sale, the insider now owns 169,746 shares of the company’s stock, valued at approximately $10,322,254.26. The disclosure for this sale can be found here. Insiders have sold 24,356 shares of company stock valued at $1,622,941 in the last quarter. 0.85% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in QRVO. State of Alaska Department of Revenue boosted its stake in Qorvo by 11.7% during the fourth quarter. State of Alaska Department of Revenue now owns 39,772 shares of the semiconductor company’s stock valued at $2,413,000 after buying an additional 4,180 shares during the last quarter. Rehmann Capital Advisory Group lifted its stake in shares of Qorvo by 22,490.9% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,485 shares of the semiconductor company’s stock valued at $191,000 after purchasing an additional 2,474 shares during the last quarter. Marshall Wace North America L.P. lifted its stake in shares of Qorvo by 574.2% in the 3rd quarter. Marshall Wace North America L.P. now owns 209,034 shares of the semiconductor company’s stock valued at $16,073,000 after purchasing an additional 178,030 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Qorvo by 94.0% in the 3rd quarter. Marshall Wace LLP now owns 4,918 shares of the semiconductor company’s stock valued at $378,000 after purchasing an additional 2,383 shares during the last quarter. Finally, Vanguard Group Inc lifted its stake in shares of Qorvo by 1.0% in the 3rd quarter. Vanguard Group Inc now owns 13,123,467 shares of the semiconductor company’s stock valued at $1,009,063,000 after purchasing an additional 128,991 shares during the last quarter. Hedge funds and other institutional investors own 94.29% of the company’s stock.

Qorvo Company Profile

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.

Further Reading: Outstanding Shares

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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