Zacks Investment Research upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Oppo, Vivo and others. Shares of the company have ouperformed the industry in the past one year. However, delayed product cycle at its largest customer is cited to be one of the multiple reasons that are likely to hurt MP revenues in the current quarter. Further, Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry.”
Several other research analysts have also recently commented on QRVO. BidaskClub cut shares of Qorvo from a hold rating to a sell rating in a report on Wednesday, December 6th. ValuEngine cut shares of Qorvo from a buy rating to a hold rating in a report on Saturday, December 9th. Morgan Stanley raised their target price on shares of Qorvo from $69.00 to $72.00 and gave the stock an equal weight rating in a report on Wednesday, December 13th. Canaccord Genuity reissued a buy rating and issued a $81.00 price objective (down from $87.00) on shares of Qorvo in a research note on Wednesday, January 24th. Finally, Drexel Hamilton reissued a buy rating and issued a $95.00 price objective on shares of Qorvo in a research note on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company’s stock. Qorvo currently has a consensus rating of Hold and an average price target of $81.16.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.60 by $0.09. Qorvo had a net margin of 0.95% and a return on equity of 11.72%. The company had revenue of $845.70 million for the quarter, compared to analysts’ expectations of $841.09 million. During the same period last year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. research analysts predict that Qorvo will post 4.49 EPS for the current fiscal year.
In other news, Director Daniel A. Dileo sold 2,500 shares of Qorvo stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $83.97, for a total transaction of $209,925.00. Following the transaction, the director now owns 27,282 shares in the company, valued at $2,290,869.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of Qorvo stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $79.48, for a total transaction of $476,880.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,500 shares of company stock worth $1,671,675. Insiders own 0.91% of the company’s stock.
Large investors have recently modified their holdings of the company. Teacher Retirement System of Texas acquired a new position in shares of Qorvo during the fourth quarter worth $2,328,000. F&V Capital Management LLC lifted its holdings in shares of Qorvo by 34.4% during the fourth quarter. F&V Capital Management LLC now owns 68,200 shares of the semiconductor company’s stock worth $4,542,000 after purchasing an additional 17,460 shares during the period. LS Investment Advisors LLC lifted its holdings in shares of Qorvo by 28.9% during the fourth quarter. LS Investment Advisors LLC now owns 6,894 shares of the semiconductor company’s stock worth $459,000 after purchasing an additional 1,544 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of Qorvo by 12.0% during the fourth quarter. UBS Asset Management Americas Inc. now owns 890,823 shares of the semiconductor company’s stock worth $59,329,000 after purchasing an additional 95,550 shares during the period. Finally, Clear Harbor Asset Management LLC lifted its holdings in shares of Qorvo by 39.8% during the fourth quarter. Clear Harbor Asset Management LLC now owns 84,212 shares of the semiconductor company’s stock worth $5,609,000 after purchasing an additional 23,996 shares during the period. Institutional investors own 97.55% of the company’s stock.
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Qorvo Company Profile
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 (PA), low noise amplifiers, 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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