Qorvo (NASDAQ:QRVO) Stock Rating Upgraded by Piper Sandler

Qorvo (NASDAQ:QRVO) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Monday, Marketbeat.com reports. The brokerage currently has a $110.00 target price on the semiconductor company’s stock, up from their previous target price of $85.00. Piper Sandler’s target price would indicate a potential upside of 23.68% from the stock’s current price.

QRVO has been the topic of a number of other research reports. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Bank of America dropped their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. TD Cowen decreased their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Loop Capital began coverage on Qorvo in a research report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective on the stock. Finally, Mizuho boosted their price target on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $98.82.

Qorvo Stock Performance

Qorvo stock opened at $88.94 on Monday. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The stock has a fifty day moving average price of $72.18 and a 200 day moving average price of $92.38. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $8.41 billion, a P/E ratio of -60.92, a PEG ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. Qorvo’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.99 earnings per share. Equities research analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of QRVO. Larson Financial Group LLC lifted its holdings in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Qorvo in the 3rd quarter worth approximately $41,000. Farther Finance Advisors LLC lifted its stake in Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares in the last quarter. Finally, UMB Bank n.a. grew its position in Qorvo by 33.8% in the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock worth $76,000 after buying an additional 186 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

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.