Qorvo (NASDAQ:QRVO) Raised to Overweight at Piper Sandler

Qorvo (NASDAQ:QRVO) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued to investors on Monday, Marketbeat reports. The firm presently has a $110.00 price target on the semiconductor company’s stock, up from their prior price target of $85.00. Piper Sandler’s target price would suggest a potential upside of 28.24% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. UBS Group lowered their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Needham & Company LLC assumed coverage on shares of Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 target price for the company. Finally, Barclays lowered their price target on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.82.

Qorvo Trading Down 2.1 %

NASDAQ QRVO opened at $85.78 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The stock’s 50-day moving average is $73.00 and its 200-day moving average is $91.88. Qorvo has a one year low of $64.54 and a one year high of $130.99. The firm has a market cap of $8.11 billion, a P/E ratio of -58.75, a P/E/G ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm 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 posted $1.99 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. Sell-side analysts anticipate that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds and other institutional investors have recently bought and sold shares of QRVO. Larson Financial Group LLC increased its holdings in shares of Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Qorvo during the third quarter worth approximately $41,000. Versant Capital Management Inc increased its stake in Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 286 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 104 shares during the period. Finally, CENTRAL TRUST Co grew its stake in Qorvo by 2,621.4% during the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after buying an additional 734 shares in 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.