Qorvo (NASDAQ:QRVO) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of Qorvo (NASDAQ:QRVO) from an equal weight rating to an overweight rating in a research report report published on Tuesday, MarketBeat Ratings reports. They currently have $106.00 price objective on the semiconductor company’s stock, up from their previous price objective of $90.00.

Several other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. The Goldman Sachs Group dropped their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Mizuho dropped their price target on Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Finally, Barclays cut their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.65.

Qorvo Stock Up 4.0 %

NASDAQ QRVO opened at $87.58 on Tuesday. Qorvo has a 1-year low of $64.54 and a 1-year high of $130.99. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of -59.99, a PEG ratio of 6.75 and a beta of 1.40. The stock’s 50 day moving average is $70.80 and its two-hundred day moving average is $93.08. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating 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 business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. Equities analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its holdings in Qorvo by 377.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after purchasing an additional 645,829 shares during the last quarter. Vulcan Value Partners LLC grew its position in shares of Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after buying an additional 550,111 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares during the last quarter. Caxton Associates LP acquired a new stake in shares of Qorvo in the 2nd quarter valued at approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Qorvo by 78.6% during 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 acquiring an additional 236,590 shares during the last quarter. Institutional investors and hedge funds 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.