ValuEngine upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a hold rating in a research note issued to investors on Monday, February 25th.
Other research analysts have also recently issued reports about the company. Needham & Company LLC reaffirmed a buy rating and set a $92.00 price objective on shares of Qorvo in a research note on Thursday, November 1st. Citigroup cut their target price on Qorvo from $86.00 to $75.00 and set a neutral rating on the stock in a research note on Monday, November 12th. Cowen cut their target price on Qorvo from $80.00 to $75.00 and set a market perform rating on the stock in a research note on Tuesday, November 13th. BMO Capital Markets lowered their price objective on shares of Qorvo from $75.00 to $65.00 and set a market perform rating for the company in a report on Wednesday, November 14th. Finally, Charter Equity lowered shares of Qorvo from a buy rating to a market perform rating in a report on Wednesday, November 14th. Fifteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $76.18.
QRVO traded down $2.22 during midday trading on Monday, reaching $71.67. 1,050,072 shares of the company were exchanged, compared to its average volume of 1,178,177. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.78 and a current ratio of 3.90. Qorvo has a one year low of $54.74 and a one year high of $86.50. The firm has a market capitalization of $8.80 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.36 and a beta of 0.90.
Qorvo (NASDAQ:QRVO) last released its earnings results on Thursday, February 7th. The semiconductor company reported $1.85 EPS for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.30. The business had revenue of $832.20 million for the quarter, compared to analysts’ expectations of $819.21 million. Qorvo had a return on equity of 14.11% and a net margin of 1.92%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.69 earnings per share. On average, equities analysts forecast that Qorvo will post 5.03 earnings per share for the current year.
In other news, Director Ralph Quinsey sold 209,349 shares of the stock in a transaction on Monday, February 25th. The shares were sold at an average price of $69.01, for a total value of $14,447,174.49. Following the sale, the director now owns 84,242 shares in the company, valued at $5,813,540.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Gina Harrison sold 1,016 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $70.00, for a total transaction of $71,120.00. Following the completion of the sale, the vice president now owns 15,988 shares in the company, valued at approximately $1,119,160. The disclosure for this sale can be found here. Insiders have sold 223,381 shares of company stock valued at $15,381,024 in the last three months. 0.85% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc grew its position in Qorvo by 1.0% during the third quarter. Vanguard Group Inc now owns 13,123,467 shares of the semiconductor company’s stock valued at $1,009,063,000 after buying an additional 128,991 shares during the period. BlackRock Inc. grew its position in shares of Qorvo by 0.7% in the third quarter. BlackRock Inc. now owns 9,082,802 shares of the semiconductor company’s stock valued at $698,377,000 after purchasing an additional 66,872 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Qorvo by 8,987.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock valued at $60,000 after purchasing an additional 3,620,278 shares during the period. Iridian Asset Management LLC CT grew its position in shares of Qorvo by 32.7% in the third quarter. Iridian Asset Management LLC CT now owns 3,408,079 shares of the semiconductor company’s stock valued at $262,047,000 after purchasing an additional 838,994 shares during the period. Finally, Manning & Napier Group LLC grew its position in shares of Qorvo by 3.8% in the fourth quarter. Manning & Napier Group LLC now owns 3,066,202 shares of the semiconductor company’s stock valued at $186,209,000 after purchasing an additional 111,410 shares during the period. Institutional investors own 93.97% of the company’s stock.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
Further Reading: Cost of Debt
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