Qorvo (NASDAQ:QRVO) Shares Gap Up – Time to Buy?

Qorvo, Inc. (NASDAQ:QRVO)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $73.59, but opened at $78.00. Qorvo shares last traded at $83.26, with a volume of 2,152,628 shares trading hands.

Analysts Set New Price Targets

QRVO has been the topic of several research reports. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group decreased their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Piper Sandler decreased their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Finally, Bank of America decreased their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $98.47.

Qorvo Price Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market cap of $7.96 billion, a price-to-earnings ratio of -57.68, a PEG ratio of 5.74 and a beta of 1.40. The business has a fifty day moving average price of $70.09 and a 200 day moving average price of $93.69.

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

Insider Activity at Qorvo

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

Institutional Investors Weigh In On Qorvo

Hedge funds have recently added to or reduced their stakes in the business. GDS Wealth Management acquired a new position in shares of Qorvo in the 3rd quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Qorvo in the 3rd quarter worth approximately $2,507,000. Quest Partners LLC increased its stake in shares of Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Qorvo in the 3rd quarter valued at $1,211,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.