Qorvo (NASDAQ:QRVO) Raised to Buy at BidaskClub

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BidaskClub upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research report released on Thursday, BidAskClub reports.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC restated a buy rating and set a $90.00 price objective on shares of Qorvo in a research report on Monday, August 5th. Barclays downgraded shares of Qorvo from an overweight rating to an equal weight rating and decreased their price target for the stock from $70.00 to $60.00 in a research report on Thursday, June 6th. Zacks Investment Research downgraded shares of Qorvo from a buy rating to a hold rating in a research report on Thursday, May 23rd. UBS Group increased their price target on shares of Qorvo from $68.00 to $74.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Finally, DA Davidson upgraded shares of Qorvo from a sell rating to a neutral rating and set a $74.00 price target on the stock in a research report on Monday, August 5th. Thirteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $77.45.

Shares of Qorvo stock opened at $77.51 on Thursday. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.91 and a beta of 1.09. The company’s 50 day moving average is $72.42 and its 200 day moving average is $70.37. Qorvo has a twelve month low of $54.74 and a twelve month high of $79.29. The company has a quick ratio of 2.30, a current ratio of 3.44 and a debt-to-equity ratio of 0.23.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.23. The company had revenue of $775.60 million for the quarter, compared to the consensus estimate of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Sell-side analysts expect that Qorvo will post 4.3 EPS for the current fiscal year.

In other news, Director Roderick Nelson sold 500 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $69.85, for a total value of $34,925.00. Following the completion of the sale, the director now directly owns 4,782 shares of the company’s stock, valued at $334,022.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Walter H. Wilkinson sold 3,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $74.25, for a total transaction of $222,750.00. Following the completion of the sale, the director now directly owns 39,327 shares of the company’s stock, valued at $2,920,029.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,719 shares of company stock valued at $2,194,325. Corporate insiders own 0.71% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Arlington Partners LLC purchased a new stake in shares of Qorvo in the second quarter worth $29,000. Pearl River Capital LLC purchased a new stake in shares of Qorvo in the second quarter worth $42,000. Quantamental Technologies LLC purchased a new stake in shares of Qorvo in the second quarter worth $42,000. Griffin Asset Management Inc. purchased a new stake in shares of Qorvo in the second quarter worth $42,000. Finally, CSat Investment Advisory L.P. increased its stake in shares of Qorvo by 60.9% in the second quarter. CSat Investment Advisory L.P. now owns 806 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 305 shares in the last quarter. 91.52% of the stock is owned by hedge funds and other institutional investors.

About Qorvo

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 (PAs), low noise amplifiers (LNAs), 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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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