Qorvo (NASDAQ:QRVO) was upgraded by equities research analysts at Nomura from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, February 1st, MarketBeat Ratings reports. The firm currently has a $85.00 price objective on the semiconductor company’s stock, up from their previous price objective of $75.00. Nomura’s price objective would suggest a potential upside of 9.18% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. Northland Securities raised Qorvo from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 1st. Cowen upped their target price on Qorvo from $78.00 to $85.00 and gave the stock a “market perform” rating in a research report on Thursday, February 1st. Needham & Company LLC upped their target price on Qorvo from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Morgan Stanley upped their target price on Qorvo from $68.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have issued a buy rating to the company. Qorvo has an average rating of “Hold” and an average target price of $80.42.
Qorvo (QRVO) traded up $1.00 during trading hours on Thursday, reaching $77.85. The company had a trading volume of 3,382,800 shares, compared to its average volume of 2,672,279. Qorvo has a 12-month low of $62.68 and a 12-month high of $85.24. The firm has a market capitalization of $9,847.53, a P/E ratio of 389.25, a P/E/G ratio of 1.37 and a beta of 1.05. The company has a quick ratio of 3.62, a current ratio of 4.72 and a debt-to-equity ratio of 0.23.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.09. The firm had revenue of $845.70 million for the quarter, compared to the consensus estimate of $841.09 million. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.35 earnings per share. equities analysts predict that Qorvo will post 4.49 earnings per share for the current year.
In other Qorvo news, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $76.97, for a total transaction of $461,820.00. Following the completion of the transaction, the vice president now directly owns 95,725 shares in the company, valued at $7,367,953.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert A. Bruggeworth sold 5,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $77.03, for a total value of $385,150.00. Following the transaction, the insider now owns 193,344 shares of the company’s stock, valued at $14,893,288.32. The disclosure for this sale can be found here. Insiders have sold 50,496 shares of company stock valued at $3,766,549 over the last quarter. Corporate insiders own 0.91% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC acquired a new stake in shares of Qorvo in the third quarter valued at $130,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Qorvo by 79.9% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 1,000 shares in the last quarter. Advisor Group Inc. increased its stake in shares of Qorvo by 5.1% in the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 126 shares in the last quarter. Zeke Capital Advisors LLC acquired a new stake in shares of Qorvo in the third quarter valued at $206,000. Finally, Achmea Investment Management B.V. acquired a new stake in shares of Qorvo in the second quarter valued at $188,000. Hedge funds and other institutional investors own 98.19% of the company’s stock.
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Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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