Qorvo (NASDAQ:QRVO) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

Other equities research analysts have also issued research reports about the stock. Benchmark cut their price target on shares of Qorvo from $136.00 to $128.00 and set a buy rating for the company in a report on Thursday, May 2nd. Barclays reduced their price target on shares of Qorvo from $110.00 to $100.00 and set an equal weight rating for the company in a research report on Thursday, May 2nd. The Goldman Sachs Group lowered their price objective on Qorvo from $117.00 to $105.00 and set a neutral rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. reduced their target price on Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a report on Thursday, May 2nd. Finally, Mizuho lowered their price target on Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $112.94.

Qorvo Stock Up 2.8 %

QRVO stock opened at $122.01 on Wednesday. The firm’s fifty day moving average is $111.88 and its 200 day moving average is $110.32. The firm has a market cap of $11.59 billion, a PE ratio of -167.14, a P/E/G ratio of 1.15 and a beta of 1.46. Qorvo has a one year low of $80.62 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99.

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, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. Qorvo’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 EPS. On average, research analysts forecast that Qorvo will post 5.16 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of Qorvo stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total transaction of $472,100.00. Following the sale, the chief executive officer now owns 205,440 shares of the company’s stock, valued at approximately $20,544,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares of the company’s stock, valued at approximately $20,544,000. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock worth $4,517,858 in the last ninety days. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

A number of institutional investors and hedge funds have recently made changes to their positions in QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo in the 2nd quarter valued at approximately $29,000. Park Place Capital Corp grew its stake in shares of Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc lifted its stake in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares in the last quarter. Finally, New Millennium Group LLC purchased a new position in Qorvo during the 2nd quarter valued at about $34,000. 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.