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

Key Points

• Qorvo has been upgraded from a "hold" to a "strong-buy" rating by Wall Street Zen, reflecting increased analyst confidence in the stock.
• Current stock consensus indicates 3 sell ratings, 10 hold ratings, 5 buy ratings, and 1 strong buy, with an average target price of $95.35.
• Qorvo reported earnings of $0.92 per share, exceeding expectations, but has experienced a 7.7% decline in year-over-year revenue.

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

A number of other analysts have also recently commented on QRVO. Susquehanna reaffirmed a "neutral" rating and set a $95.00 target price (up from $90.00) on shares of Qorvo in a report on Wednesday, July 30th. UBS Group set a $100.00 target price on shares of Qorvo and gave the company a "neutral" rating in a report on Wednesday, July 30th. Piper Sandler increased their price objective on shares of Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Barclays increased their price objective on shares of Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Benchmark increased their price objective on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average price target of $95.35.

Qorvo Stock Down 0.9%

Shares of NASDAQ QRVO traded down $0.76 during midday trading on Friday, hitting $84.19. The stock had a trading volume of 475,947 shares, compared to its average volume of 2,448,053. The business's 50 day moving average is $83.61 and its 200-day moving average is $76.24. The company has a market cap of $7.80 billion, a P/E ratio of 99.01, a PEG ratio of 1.66 and a beta of 1.35. Qorvo has a 52 week low of $49.46 and a 52 week high of $117.90. The company has a quick ratio of 2.01, a current ratio of 2.81 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same period in the previous year, the company earned $0.87 earnings per share. The firm's quarterly revenue was down 7.7% on a year-over-year basis. As a group, analysts predict that Qorvo will post 4.09 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its stake in Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after buying an additional 1,816,811 shares during the period. FIL Ltd increased its stake in Qorvo by 5.3% in the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock worth $232,464,000 after buying an additional 166,461 shares during the period. Vulcan Value Partners LLC increased its stake in Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in Qorvo in the 1st quarter worth about $168,980,000. Finally, Contour Asset Management LLC purchased a new position in Qorvo in the 1st quarter worth about $151,698,000. 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.