Qorvo (NASDAQ:QRVO) Upgraded at TD Cowen

TD Cowen upgraded shares of Qorvo (NASDAQ:QRVO) to a hold rating in a report released on Monday, Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Raymond James lifted their price objective on Qorvo from $115.00 to $135.00 and gave the company an outperform rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the company a neutral rating in a research report on Wednesday, July 31st. Craig Hallum increased their price target on shares of Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Piper Sandler reaffirmed 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, Needham & Company LLC raised their price target on shares of Qorvo from $110.00 to $135.00 and gave the company a buy rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of Hold and a consensus target price of $121.00.

Qorvo Stock Down 0.2 %

Shares of NASDAQ QRVO opened at $99.80 on Monday. The stock has a market cap of $9.48 billion, a PE ratio of -137.23, a P/E/G ratio of 1.28 and a beta of 1.46. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo has a 12-month low of $80.62 and a 12-month high of $130.99. The company has a 50-day moving average of $113.32 and a 200 day moving average of $110.67.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same quarter in the previous year, the company earned $0.03 EPS. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. As a group, sell-side analysts predict that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Transactions at Qorvo

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

Institutional Trading of Qorvo

Institutional investors have recently modified their holdings of the company. Private Advisor Group LLC purchased a new stake in Qorvo during the fourth quarter worth approximately $227,000. Quadrant Capital Group LLC lifted its holdings in shares of Qorvo by 18.7% during the 4th quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock valued at $107,000 after acquiring an additional 150 shares in the last quarter. Norges Bank purchased a new stake in Qorvo during the 4th quarter worth $118,120,000. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Qorvo by 3.3% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,653 shares of the semiconductor company’s stock valued at $1,312,000 after purchasing an additional 370 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in Qorvo in the fourth quarter valued at about $232,000. Hedge funds and other 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.