Qorvo (NASDAQ:QRVO) Rating Increased to Buy at StockNews.com
Qorvo (NASDAQ:QRVO – Get Free Report) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.
A number of other research analysts have also commented on the stock. Summit Insights lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. BMO Capital Markets reduced their price objective on Qorvo from $110.00 to $100.00 and set a “market perform” rating for the company in a research note on Friday, November 3rd. Raymond James lowered their target price on Qorvo from $125.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, November 2nd. Citigroup cut Qorvo from a “neutral” rating to a “sell” rating and cut their price target for the stock from $116.00 to $78.00 in a research note on Tuesday, October 10th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Qorvo from $110.00 to $95.00 and set an “underweight” rating on the stock in a research report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus price target of $109.11.
Read Our Latest Stock Report on Qorvo
Qorvo Stock Performance
NASDAQ:QRVO traded down $2.94 during mid-day trading on Wednesday, reaching $108.55. 1,593,377 shares of the stock were exchanged, compared to its average volume of 1,266,430. The stock has a market capitalization of $10.57 billion, a P/E ratio of -108.55, a P/E/G ratio of 1.72 and a beta of 1.48. Qorvo has a 1 year low of $80.62 and a 1 year high of $114.59. The company has a 50 day simple moving average of $94.87 and a 200-day simple moving average of $98.96. The company has a quick ratio of 2.12, a current ratio of 3.37 and a debt-to-equity ratio of 0.54.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its earnings results on Wednesday, November 1st. The semiconductor company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.50. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1 billion. Qorvo had a negative net margin of 3.21% and a positive return on equity of 6.92%. Analysts anticipate that Qorvo will post 4.46 earnings per share for the current fiscal year.
Insider Activity
In other Qorvo news, Director Walden C. Rhines bought 5,000 shares of the company’s stock in a transaction on Monday, November 27th. The stock was purchased at an average cost of $93.19 per share, for a total transaction of $465,950.00. Following the acquisition, the director now owns 67,145 shares of the company’s stock, valued at approximately $6,257,242.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Walden C. Rhines bought 5,000 shares of Qorvo stock in a transaction that occurred on Monday, November 27th. The shares were purchased at an average price of $93.19 per share, with a total value of $465,950.00. Following the purchase, the director now owns 67,145 shares in the company, valued at $6,257,242.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Philip Chesley sold 10,580 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $97.72, for a total value of $1,033,877.60. Following the transaction, the senior vice president now directly owns 29,539 shares of the company’s stock, valued at approximately $2,886,551.08. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
Institutional Trading of Qorvo
Hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC boosted its holdings in shares of Qorvo by 391.1% during the second quarter. Exchange Traded Concepts LLC now owns 1,046 shares of the semiconductor company’s stock worth $107,000 after purchasing an additional 833 shares during the last quarter. American Trust boosted its stake in Qorvo by 14.6% in the 1st quarter. American Trust now owns 2,794 shares of the semiconductor company’s stock worth $284,000 after buying an additional 355 shares during the last quarter. EA Series Trust purchased a new stake in Qorvo in the 2nd quarter valued at about $409,000. Ethic Inc. increased its stake in shares of Qorvo by 49.9% during the 1st quarter. Ethic Inc. now owns 10,720 shares of the semiconductor company’s stock valued at $1,089,000 after acquiring an additional 3,567 shares during the last quarter. Finally, Ninety One UK Ltd lifted its holdings in shares of Qorvo by 49.2% during the 2nd quarter. Ninety One UK Ltd now owns 657,326 shares of the semiconductor company’s stock worth $67,067,000 after acquiring an additional 216,857 shares during the period. Institutional investors and hedge funds own 85.60% of the company’s stock.
Qorvo Company Profile (Get Free Report)
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.
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Original: MarketBeat News Feed: Qorvo (NASDAQ:QRVO) Rating Increased to Buy at StockNews.com