BidaskClub Upgrades Qorvo (NASDAQ:QRVO) to Buy

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

Other equities research analysts have also issued research reports about the stock. Morgan Stanley lifted their price objective on shares of Qorvo from $67.00 to $71.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Mizuho set a $70.00 price objective on shares of Qorvo and gave the company a hold rating in a research note on Friday, August 2nd. Zacks Investment Research lowered shares of Qorvo from a buy rating to a hold rating in a research note on Thursday, May 23rd. DA Davidson raised shares of Qorvo from a sell rating to a neutral rating and set a $74.00 price objective for the company in a research note on Monday, August 5th. Finally, Cowen reaffirmed a market perform rating and issued a $75.00 price objective (up previously from $65.00) on shares of Qorvo in a research note on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $77.45.

Shares of Qorvo stock traded down $0.31 on Thursday, hitting $77.49. 96,641 shares of the company traded hands, compared to its average volume of 1,126,815. The company has a 50-day moving average price of $72.38 and a 200 day moving average price of $70.32. 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 has a 12-month low of $54.74 and a 12-month high of $79.29. The company has a market cap of $9.23 billion, a PE ratio of 14.76, a PEG ratio of 1.89 and a beta of 1.09.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.23. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The business had revenue of $775.60 million during the quarter, compared to analyst estimates of $738.98 million. During the same quarter in the previous year, the business earned $0.96 EPS. Qorvo’s quarterly revenue was up 12.0% compared to the same quarter last year. Equities research analysts anticipate that Qorvo will post 4.3 EPS for the current year.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $70.56, for a total transaction of $135,051.84. Following the completion of the transaction, the vice president now owns 50,031 shares of the company’s stock, valued at approximately $3,530,187.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Gina Harrison sold 1,328 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $75.98, for a total transaction of $100,901.44. Following the transaction, the vice president now directly owns 18,689 shares of the company’s stock, valued at approximately $1,419,990.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,633 shares of company stock valued at $2,312,438. Company insiders own 0.71% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in QRVO. Arlington Partners LLC acquired a new position in Qorvo during the 2nd quarter worth $29,000. Pearl River Capital LLC acquired a new position in shares of Qorvo during the second quarter valued at about $42,000. Quantamental Technologies LLC acquired a new position in shares of Qorvo during the second quarter valued at about $42,000. Griffin Asset Management Inc. acquired a new position in shares of Qorvo during the second quarter valued at about $42,000. Finally, CSat Investment Advisory L.P. raised its position in shares of Qorvo by 60.9% during the second quarter. CSat Investment Advisory L.P. now owns 806 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 305 shares during the last quarter. 91.52% of the stock is owned by hedge funds and other institutional investors.

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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