Qorvo (NASDAQ:QRVO) Trading 3.8% Higher – Time to Buy?

Qorvo, Inc. (NASDAQ:QRVO) shares shot up 3.8% during trading on Tuesday . The company traded as high as $75.50 and last traded at $75.69. 1,101,727 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 1,910,040 shares. The stock had previously closed at $72.91.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Citigroup cut their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a report on Wednesday, January 29th. Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Qorvo in a report on Wednesday, January 29th. Finally, Barclays cut their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Qorvo presently has an average rating of “Hold” and an average price target of $95.84.

Qorvo Stock Up 3.7 %

The stock has a market capitalization of $7.06 billion, a P/E ratio of 270.11, a P/E/G ratio of 15.57 and a beta of 1.48. The stock’s 50-day moving average price is $77.16 and its two-hundred day moving average price is $81.18. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. bought a new stake in Qorvo during the fourth quarter worth about $28,000. Huntington National Bank lifted its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after buying an additional 145 shares during the last quarter. Larson Financial Group LLC boosted its stake in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Qorvo during the fourth quarter valued at approximately $37,000. Finally, Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 286 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.