Qorvo (NASDAQ:QRVO) Upgraded at TD Cowen

Qorvo (NASDAQ:QRVO) was upgraded by equities researchers at TD Cowen to a “hold” rating in a research note issued on Monday, Zacks.com reports.

A number of other research firms also recently weighed in on QRVO. Piper Sandler reaffirmed a “neutral” rating and set a $120.00 price target (up previously from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. Barclays increased their target price on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group boosted their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Needham & Company LLC raised their price objective on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Raymond James boosted their target price on Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $121.00.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $100.46 on Monday. The company has a market cap of $9.53 billion, a P/E ratio of -137.62, a P/E/G ratio of 1.28 and a beta of 1.46. The business has a fifty day simple moving average of $114.12 and a 200-day simple moving average of $110.91. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm’s revenue was up 36.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. Equities research analysts forecast that Qorvo will post 4.84 EPS for the current year.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of hedge funds have recently bought and sold shares of the business. Mather Group LLC. grew its position in shares of Qorvo by 5.6% during the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after buying an additional 96 shares in the last quarter. Quadrature Capital Ltd grew its holdings in Qorvo by 0.4% during the 4th quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock worth $2,825,000 after acquiring an additional 103 shares in the last quarter. EverSource Wealth Advisors LLC increased its position 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 worth $30,000 after purchasing an additional 115 shares during the last quarter. American Trust raised its stake in shares of Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after purchasing an additional 115 shares in the last quarter. Finally, Empirical Finance LLC lifted its position in shares of Qorvo by 3.2% during the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after purchasing an additional 117 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.