Qorvo (NASDAQ:QRVO) Stock Rating Upgraded by Morgan Stanley

Qorvo (NASDAQ:QRVO) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a $106.00 target price on the semiconductor company’s stock, up from their prior target price of $90.00. Morgan Stanley’s price objective suggests a potential upside of 25.88% from the company’s current price.

QRVO has been the topic of several other research reports. UBS Group decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Susquehanna decreased their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Barclays dropped their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday. Piper Sandler lowered their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Finally, Craig Hallum cut their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $97.65.

Qorvo Trading Up 14.4 %

Shares of Qorvo stock opened at $84.21 on Tuesday. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of -57.68, a price-to-earnings-growth ratio of 6.75 and a beta of 1.40. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The company’s 50-day simple moving average is $70.40 and its 200-day simple moving average is $93.30. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.99 EPS. As a group, equities research analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

Large investors have recently made changes to their positions in the business. Vulcan Value Partners LLC boosted its position in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. boosted its position in shares of Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after buying an additional 487,621 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Qorvo by 23.9% during the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after buying an additional 160,534 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after buying an additional 645,829 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

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.