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

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 analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

Other equities analysts also recently issued reports about the company. TD Cowen increased their target price on Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a research report on Wednesday. Loop Capital increased their target price on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a research report on Wednesday. Craig Hallum reiterated a "buy" rating on shares of Qorvo in a research report on Wednesday. Mizuho set a $84.00 target price on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, UBS Group set a $100.00 target price on Qorvo and gave the stock a "neutral" rating in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $95.35.

Qorvo Price Performance

Shares of NASDAQ:QRVO traded up $0.51 on Friday, hitting $84.11. The company had a trading volume of 2,343,204 shares, compared to its average volume of 2,016,999. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. Qorvo has a 52-week low of $49.46 and a 52-week high of $117.90. The business has a 50 day moving average of $83.24 and a 200 day moving average of $76.18. The company has a market cap of $7.79 billion, a PE ratio of 98.95, a PEG ratio of 1.64 and a beta of 1.35.

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

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred 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 owned 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of hedge funds have recently bought and sold shares of QRVO. City Holding Co. acquired a new stake in Qorvo during the 1st quarter valued at approximately $25,000. Banque Transatlantique SA acquired a new stake in Qorvo during the 1st quarter valued at approximately $27,000. Larson Financial Group LLC grew its stake in Qorvo by 222.6% during the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 296 shares in the last quarter. Huntington National Bank grew its position in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares in the last quarter. Finally, Curat Global LLC acquired a new position in shares of Qorvo in the 1st quarter worth approximately $34,000. 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.