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 note issued to investors on Thursday, BidAskClub reports.

Several other analysts also recently issued reports on the company. Cowen reissued a buy rating and set a $120.00 target price (up previously from $95.00) on shares of Qorvo in a research note on Wednesday, December 11th. Canaccord Genuity cut Qorvo from a buy rating to a hold rating and boosted their price target for the stock from $92.00 to $110.00 in a report on Wednesday, November 13th. Benchmark upped their price target on Qorvo from $100.00 to $127.00 and gave the stock a positive rating in a research note on Monday, December 16th. Susquehanna Bancshares increased their price objective on shares of Qorvo from $70.00 to $85.00 and gave the company a neutral rating in a report on Friday, November 1st. Finally, Bank of America upgraded shares of Qorvo from an underperform rating to a buy rating in a research report on Monday, December 9th. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Qorvo has an average rating of Buy and a consensus target price of $97.22.

Shares of QRVO stock opened at $114.74 on Thursday. Qorvo has a 52-week low of $58.52 and a 52-week high of $118.49. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.37 and a current ratio of 3.45. The firm has a market capitalization of $13.22 billion, a PE ratio of 55.16, a PEG ratio of 1.97 and a beta of 1.22. The stock has a fifty day simple moving average of $112.61 and a two-hundred day simple moving average of $87.28.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.22. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. The business had revenue of $806.70 million for the quarter, compared to analysts’ expectations of $754.67 million. During the same period last year, the firm earned $1.75 earnings per share. The business’s quarterly revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts forecast that Qorvo will post 4.85 EPS for the current fiscal year.

In other news, CFO Mark J. Murphy sold 4,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $104.40, for a total transaction of $417,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,357 shares in the company, valued at approximately $10,999,270.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James L. Klein sold 1,906 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $114.76, for a total transaction of $218,732.56. Following the completion of the transaction, the vice president now directly owns 45,759 shares of the company’s stock, valued at $5,251,302.84. The disclosure for this sale can be found here. Insiders have sold a total of 23,070 shares of company stock valued at $2,402,702 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Boston Partners lifted its position in Qorvo by 0.8% during the third quarter. Boston Partners now owns 3,675,997 shares of the semiconductor company’s stock valued at $272,974,000 after purchasing an additional 28,552 shares during the last quarter. Invesco Ltd. raised its position in shares of Qorvo by 11.3% during the 2nd quarter. Invesco Ltd. now owns 1,247,870 shares of the semiconductor company’s stock valued at $83,120,000 after buying an additional 126,839 shares in the last quarter. Man Group plc raised its position in shares of Qorvo by 5,205.1% during the 3rd quarter. Man Group plc now owns 1,023,884 shares of the semiconductor company’s stock valued at $75,911,000 after buying an additional 1,004,584 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Qorvo by 3.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 926,329 shares of the semiconductor company’s stock valued at $61,703,000 after buying an additional 27,999 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Qorvo by 3.4% in the 2nd quarter. AQR Capital Management LLC now owns 550,847 shares of the semiconductor company’s stock valued at $36,692,000 after acquiring an additional 17,899 shares during the last quarter. Institutional investors own 92.21% of the company’s stock.

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 (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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