Qorvo (QRVO) Now Covered by Analysts at UBS

UBS began coverage on shares of Qorvo (NASDAQ:QRVO) in a report released on Wednesday, www.benzinga.com reports. The firm issued a neutral rating and a $76.00 price objective on the semiconductor company’s stock.

QRVO has been the topic of several other research reports. Piper Jaffray initiated coverage on Qorvo in a research note on Monday, February 26th. They issued an overweight rating and a $90.00 price objective on the stock. Morgan Stanley upped their price objective on Qorvo from $69.00 to $72.00 and gave the company an equal weight rating in a research note on Wednesday, December 13th. ValuEngine upgraded Qorvo from a hold rating to a buy rating in a research note on Wednesday, January 24th. Summit Redstone downgraded Qorvo from a hold rating to a sell rating in a research note on Thursday, February 1st. Finally, BidaskClub cut shares of Qorvo from a hold rating to a sell rating in a report on Friday, March 23rd. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $81.47.

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Qorvo stock opened at $69.72 on Wednesday. Qorvo has a 12 month low of $62.68 and a 12 month high of $86.84. The company has a current ratio of 4.72, a quick ratio of 3.62 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $9,032.91, a P/E ratio of 16.38, a PEG ratio of 0.99 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.60 by $0.09. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The business had revenue of $845.70 million for the quarter, compared to the consensus estimate of $841.09 million. During the same quarter in the prior year, the business earned $1.35 earnings per share. Qorvo’s revenue for the quarter was up 2.3% on a year-over-year basis. analysts predict that Qorvo will post 4.49 earnings per share for the current year.

In other news, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $79.48, for a total value of $476,880.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Gina Harrison sold 1,000 shares of the company’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $82.83, for a total transaction of $82,830.00. Following the completion of the transaction, the vice president now directly owns 14,954 shares in the company, valued at approximately $1,238,639.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,500 shares of company stock worth $1,671,675. Insiders own 0.91% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Qorvo by 45.7% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 9,485 shares of the semiconductor company’s stock worth $632,000 after purchasing an additional 2,977 shares during the period. Xact Kapitalforvaltning AB increased its holdings in shares of Qorvo by 6.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 26,721 shares of the semiconductor company’s stock worth $1,780,000 after purchasing an additional 1,588 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Qorvo by 4.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 55,855 shares of the semiconductor company’s stock worth $3,720,000 after purchasing an additional 2,329 shares during the period. Wealthsource Partners LLC bought a new position in Qorvo in the fourth quarter valued at $281,000. Finally, MetLife Investment Advisors LLC bought a new position in Qorvo in the fourth quarter valued at $2,623,000. 97.55% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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