Qorvo (NASDAQ:QRVO) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Qorvo from “hold” to “buy,” adding to a mixed analyst picture that still leaves the stock at a consensus “hold” rating with a $97.07 price target.
• Qorvo’s latest quarterly results beat expectations, posting $1.69 EPS versus the $1.21 consensus and revenue of $808.28 million, though sales were still down 7% year over year.
• Shares traded at $85.81 on Friday, below the recent 50-day average of $95.86, while insider selling has been notable, including a CEO sale of 57,957 shares in early June.

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

Other equities research analysts have also issued research reports about the company. Mizuho reaffirmed an "underperform" rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Craig Hallum reaffirmed a "buy" rating and issued a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup upped their target price on Qorvo from $90.00 to $100.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, UBS Group increased their price target on shares of Qorvo from $87.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and a consensus price target of $97.07.

Qorvo Price Performance

Shares of NASDAQ:QRVO traded up $0.36 during trading on Friday, reaching $85.81. The company had a trading volume of 783,285 shares, compared to its average volume of 1,231,137. The company has a fifty day moving average of $95.86 and a two-hundred day moving average of $86.56. The stock has a market capitalization of $7.57 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 1.34 and a beta of 1.44. Qorvo has a 12 month low of $74.92 and a 12 month high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. During the same period in the previous year, the firm posted $1.42 EPS. The firm's revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts forecast that Qorvo will post 5.84 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. This trade represents a 15.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares in the company, valued at $2,442,900. This trade represents a 16.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 in the last ninety days. Corporate insiders own 0.49% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company's stock valued at $314,516,000 after buying an additional 175,031 shares during the last quarter. FIL Ltd increased its position in shares of Qorvo by 13.2% in the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company's stock valued at $305,085,000 after acquiring an additional 421,224 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Qorvo by 16.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company's stock valued at $168,842,000 after acquiring an additional 311,645 shares during the period. Bank of America Corp DE raised its stake in shares of Qorvo by 801.4% during the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock valued at $136,795,000 after acquiring an additional 1,571,303 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock valued at $131,452,000 after acquiring an additional 34,605 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

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