Qorvo (NASDAQ:QRVO) Upgraded to "Buy" at Wall Street Zen

Qorvo (NASDAQ:QRVO - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

QRVO has been the subject of several other research reports. Mizuho boosted their price objective on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, January 24th. Barclays upped their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Stifel Nicolaus set a $75.00 price objective on Qorvo in a report on Monday, April 28th. Finally, Loop Capital cut their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo Stock Performance

QRVO stock traded up $0.50 during trading hours on Friday, hitting $76.41. 1,316,371 shares of the stock were exchanged, compared to its average volume of 2,202,476. 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 $7.11 billion, a P/E ratio of 272.89, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a 50-day simple moving average of $67.95 and a two-hundred day simple moving average of $71.63. Qorvo has a 12 month low of $49.46 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The business had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same period last year, the firm posted $1.39 earnings per share. Qorvo's revenue was down 7.6% compared to the same quarter last year. On average, analysts forecast that Qorvo will post 4.09 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mediolanum International Funds Ltd purchased a new stake in Qorvo during the 4th quarter worth about $1,177,000. Janney Montgomery Scott LLC lifted its stake in shares of Qorvo by 245.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock worth $1,024,000 after acquiring an additional 10,405 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock valued at $45,429,000 after buying an additional 91,120 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Qorvo in the 4th quarter valued at approximately $1,327,000. Finally, F&V Capital Management LLC lifted its holdings in shares of Qorvo by 3.7% in the 4th quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company's stock valued at $6,541,000 after buying an additional 3,335 shares during the period. 88.57% of the stock is currently owned by hedge funds and other 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.