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

Key Points

• Wall Street Zen upgraded Qorvo from “hold” to “buy,” though the broader analyst consensus remains “Hold” with an average price target of $94.
• Qorvo reported quarterly adjusted earnings of $1.64 per share, beating expectations of $1.11, while revenue of $784.79 million also exceeded estimates; year-over-year revenue nevertheless declined 4.2%.
• Insiders sold nearly $198.9 million of Qorvo shares over the past three months, including significant sales by the CEO and a director, while institutional investors own 88.57% of the company.

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

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other research analysts have also recently commented on the stock. Zacks Research cut shares of Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. TD Cowen reiterated a "hold" rating on shares of Qorvo in a research note on Wednesday. UBS Group boosted their price target on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday. Barclays upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Finally, Craig Hallum restated a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $94.00.

Qorvo Stock Down 0.2%

Qorvo stock opened at $90.57 on Friday. Qorvo has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.46. The firm has a fifty day moving average price of $93.88 and a two-hundred day moving average price of $86.80. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 1.41 and a beta of 1.44.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. During the same period last year, the business earned $0.92 EPS. The business's quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, analysts forecast that Qorvo will post 5.87 earnings per share for the current year.

Insider Activity

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company's stock, valued at approximately $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director owned 5,611,526 shares of the company's stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,966,127 shares of company stock valued at $198,911,103 over the last three months. Corporate insiders own 0.49% of the company's stock.

Institutional Investors Weigh In On Qorvo

Institutional investors and hedge funds have recently modified their holdings of the company. Platform Technology Partners acquired a new stake in Qorvo in the 2nd quarter valued at about $221,000. Legacy Advisors LLC acquired a new position in Qorvo during the second quarter worth approximately $347,000. Olympiad Research LP raised its stake in Qorvo by 13.1% in the second quarter. Olympiad Research LP now owns 17,666 shares of the semiconductor company's stock valued at $1,648,000 after buying an additional 2,045 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Qorvo by 11.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,401 shares of the semiconductor company's stock valued at $10,950,000 after buying an additional 11,745 shares during the period. Finally, Beacon Investment Advisory Services Inc. lifted its position in shares of Qorvo by 15.4% in the second quarter. Beacon Investment Advisory Services Inc. now owns 4,208 shares of the semiconductor company's stock valued at $392,000 after buying an additional 560 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

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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