Qorvo (QRVO) Rating Increased to Buy at ValuEngine

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ValuEngine upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Other analysts also recently issued research reports about the company. Barclays lifted their target price on Qorvo from $90.00 to $95.00 and gave the company an overweight rating in a research note on Monday, June 18th. Mizuho reaffirmed a hold rating and set a $74.00 target price on shares of Qorvo in a research note on Thursday, May 3rd. Loop Capital began coverage on Qorvo in a research note on Thursday, June 21st. They set a buy rating and a $95.00 target price on the stock. BidaskClub raised Qorvo from a sell rating to a hold rating in a research note on Thursday, May 3rd. Finally, Citigroup lifted their target price on Qorvo from $75.00 to $80.00 and gave the company a neutral rating in a research note on Friday, May 4th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $83.32.

Shares of Qorvo opened at $80.48 on Tuesday, Marketbeat Ratings reports. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.11 and a current ratio of 4.18. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 1.21 and a beta of 1.00. Qorvo has a 1-year low of $62.68 and a 1-year high of $86.84.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 2nd. The semiconductor company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.02. The firm had revenue of $665.40 million for the quarter, compared to the consensus estimate of $655.67 million. Qorvo had a positive return on equity of 12.50% and a negative net margin of 1.35%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.85 EPS. research analysts forecast that Qorvo will post 5.14 EPS for the current fiscal year.

In related news, Director Walter H. Wilkinson sold 9,510 shares of Qorvo stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $81.09, for a total value of $771,165.90. Following the transaction, the director now directly owns 37,045 shares in the company, valued at approximately $3,003,979.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Steven E. Creviston sold 6,000 shares of Qorvo stock in a transaction on Monday, April 16th. The stock was sold at an average price of $72.75, for a total value of $436,500.00. Following the completion of the transaction, the vice president now owns 64,725 shares in the company, valued at $4,708,743.75. The disclosure for this sale can be found here. Insiders sold a total of 60,404 shares of company stock worth $4,798,110 over the last 90 days. Insiders own 0.91% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Resources Investment Advisors Inc. grew its holdings in shares of Qorvo by 159.6% in the 1st quarter. Resources Investment Advisors Inc. now owns 1,480 shares of the semiconductor company’s stock worth $104,000 after acquiring an additional 910 shares during the last quarter. Element Capital Management LLC acquired a new position in shares of Qorvo in the 1st quarter worth $230,000. Blackhawk Capital Partners LLC. grew its holdings in shares of Qorvo by 23.9% in the 1st quarter. Blackhawk Capital Partners LLC. now owns 3,390 shares of the semiconductor company’s stock worth $239,000 after acquiring an additional 655 shares during the last quarter. TLP Group LLC acquired a new position in shares of Qorvo in the 1st quarter worth $244,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Qorvo in the 1st quarter worth $254,000. Institutional investors and hedge funds own 97.51% of the company’s stock.

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 (PA), low noise amplifiers, 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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