Qorvo (NASDAQ:QRVO) Shares Up 7.6% – Still a Buy?

Shares of Qorvo, Inc. (NASDAQ:QRVO) traded up 7.6% during trading on Friday . The stock traded as high as $76.62 and last traded at $76.59. 1,939,275 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 2,931,389 shares. The stock had previously closed at $71.20.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on QRVO. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Loop Capital lifted their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Benchmark reissued a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Barclays dropped their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, Stifel Nicolaus reduced their target price on Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Qorvo has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Stock Performance

The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 274.12, a PEG ratio of 15.57 and a beta of 1.48. The stock’s 50-day moving average is $76.98 and its 200-day moving average is $84.95.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of QRVO. Siemens Fonds Invest GmbH acquired a new position in Qorvo in the 4th quarter worth about $1,681,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Qorvo in the fourth quarter valued at approximately $8,152,000. Mackenzie Financial Corp raised its holdings in Qorvo by 94.5% in the 4th quarter. Mackenzie Financial Corp now owns 46,101 shares of the semiconductor company’s stock valued at $3,224,000 after buying an additional 22,398 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Qorvo during the 4th quarter worth approximately $1,435,000. Finally, GTS Securities LLC grew its holdings in Qorvo by 7.5% during the 4th quarter. GTS Securities LLC now owns 11,016 shares of the semiconductor company’s stock worth $770,000 after acquiring an additional 772 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

About Qorvo

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.