Qorvo (NASDAQ:QRVO) Raised to “Hold” at TD Cowen

Qorvo (NASDAQ:QRVO) was upgraded by TD Cowen to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

A number of other research firms have also issued reports on QRVO. JPMorgan Chase & Co. boosted their price objective on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Raymond James boosted their price target on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Needham & Company LLC increased their price objective on shares of Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Piper Sandler reissued a “neutral” rating and set a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. Finally, Craig Hallum raised their price target on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $121.00.

Qorvo Stock Down 6.7 %

Shares of NASDAQ:QRVO opened at $100.46 on Monday. The company’s fifty day moving average is $114.12 and its two-hundred day moving average is $110.91. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. Qorvo has a 1-year low of $80.62 and a 1-year high of $130.99. The stock has a market capitalization of $9.53 billion, a price-to-earnings ratio of -137.62, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. Equities analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Qorvo

A number of large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its position in shares of Qorvo by 2.1% during the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after acquiring an additional 93,068 shares during the last quarter. FIL Ltd raised its position in shares of Qorvo by 4.5% during the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after purchasing an additional 120,213 shares during the period. Vulcan Value Partners LLC lifted its holdings in shares of Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after purchasing an additional 4,386 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.