Craig Hallum Upgrades Qorvo (QRVO) to Buy

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Craig Hallum upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. Craig Hallum currently has $72.00 price objective on the semiconductor company’s stock, down from their prior price objective of $74.00.

A number of other equities analysts also recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Qorvo from $68.00 to $63.00 and set an equal weight rating on the stock in a research note on Monday, January 7th. JPMorgan Chase & Co. set a $80.00 price objective on shares of Qorvo and gave the company a buy rating in a research note on Friday, January 4th. Needham & Company LLC dropped their price objective on shares of Qorvo to $66.00 and set a sell rating on the stock in a research note on Thursday, January 3rd. They noted that the move was a valuation call. ValuEngine upgraded shares of Qorvo from a sell rating to a hold rating in a research note on Wednesday, January 2nd. Finally, BidaskClub upgraded shares of Qorvo from a sell rating to a hold rating in a research note on Tuesday, December 18th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Qorvo has a consensus rating of Hold and an average price target of $78.17.

Shares of NASDAQ:QRVO opened at $63.69 on Thursday. The company has a market cap of $7.55 billion, a PE ratio of 13.32, a P/E/G ratio of 1.14 and a beta of 0.87. Qorvo has a one year low of $54.74 and a one year 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.

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

In other news, CEO Robert A. Bruggeworth sold 5,000 shares of Qorvo stock in a transaction on Monday, November 12th. The shares were sold at an average price of $63.92, for a total transaction of $319,600.00. Following the completion of the sale, the chief executive officer now directly owns 178,872 shares in the company, valued at $11,433,498.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Harding sold 3,000 shares of Qorvo stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $70.61, for a total transaction of $211,830.00. Following the sale, the director now owns 5,669 shares of the company’s stock, valued at $400,288.09. The disclosure for this sale can be found here. Insiders have sold 19,356 shares of company stock valued at $1,259,691 over the last quarter. Insiders own 0.85% of the company’s stock.

Several large investors have recently bought and sold shares of the company. NEXT Financial Group Inc purchased a new position in shares of Qorvo during the third quarter worth $110,000. National Pension Service purchased a new position in shares of Qorvo during the third quarter worth $159,000. Huntington National Bank raised its holdings in shares of Qorvo by 2,381.0% during the third quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock worth $160,000 after purchasing an additional 2,000 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Qorvo by 216.5% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,225 shares of the semiconductor company’s stock worth $171,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Cerebellum GP LLC raised its holdings in shares of Qorvo by 123.5% during the third quarter. Cerebellum GP LLC now owns 2,461 shares of the semiconductor company’s stock worth $189,000 after purchasing an additional 1,360 shares during the last quarter. Institutional investors and hedge funds own 94.29% 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 (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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