Zacks Investment Research upgraded shares of Qorvo (NASDAQ:QRVO) from a strong sell rating to a hold rating in a report published on Tuesday.
According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. Shares of the company have outperformed the industry over the past one year. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Xiaomi, Oppo, Vivo and others. Management stated that the unit growth is primarily driven by strong demand in India. Qorvo expects India to be an almost $1-billion opportunity for RF products by 2020. However, mix remains a drag in both China and India as consumers are favoring mid-tier phones, which have lower dollar content. Management cited delayed product cycle at its largest customer to be one of the multiple reasons that will hurt Mobile Products revenues in the current quarter.”
A number of other research firms also recently commented on QRVO. Nomura began coverage on Qorvo in a report on Tuesday, September 5th. They issued a neutral rating and a $75.00 price objective on the stock. Instinet began coverage on Qorvo in a report on Wednesday, September 6th. They issued a neutral rating and a $75.00 price objective on the stock. KeyCorp restated a sector perform rating on shares of Qorvo in a report on Thursday, September 14th. Craig Hallum restated a buy rating on shares of Qorvo in a report on Wednesday, September 13th. Finally, Needham & Company LLC restated a buy rating and issued a $86.00 price objective on shares of Qorvo in a report on Sunday, September 17th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $76.89.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.52. The business had revenue of $821.60 million during the quarter, compared to analyst estimates of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm’s revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. equities research analysts predict that Qorvo will post 4.74 EPS for the current fiscal year.
In other Qorvo news, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $72.27, for a total transaction of $433,620.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $65.57, for a total value of $327,850.00. Following the transaction, the insider now owns 185,344 shares in the company, valued at approximately $12,153,006.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,096 shares of company stock worth $4,335,007. Corporate insiders own 0.91% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Alyeska Investment Group L.P. acquired a new stake in shares of Qorvo in the third quarter worth $118,506,000. Manning & Napier Advisors LLC lifted its position in Qorvo by 52.5% in the third quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock worth $172,674,000 after purchasing an additional 840,755 shares during the period. Vanguard Group Inc. lifted its position in Qorvo by 3.6% in the second quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock worth $794,638,000 after purchasing an additional 430,596 shares during the period. Renaissance Technologies LLC bought a new position in Qorvo in the second quarter worth $18,990,000. Finally, Cornerstone Capital Management Holdings LLC. lifted its position in Qorvo by 113.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock worth $26,484,000 after purchasing an additional 198,856 shares during the period. Institutional investors own 96.72% of the company’s stock.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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