Qorvo (NASDAQ:QRVO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a research report released on Sunday.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Citigroup cut their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. TD Cowen restated a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Barclays raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.00.

Qorvo Stock Up 6.2%

Shares of NASDAQ QRVO opened at $95.04 on Friday. The firm’s 50-day moving average price is $93.28 and its 200-day moving average price is $87.00. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $8.38 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 1.41 and a beta of 1.44. Qorvo has a 12-month low of $74.92 and a 12-month high of $109.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts anticipate that Qorvo will post 5.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Peter A. Feld sold 1,900,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gina Harrison sold 4,714 shares of the firm’s 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 sale, the vice president directly owned 24,429 shares of the company’s stock, valued at $2,442,900. This 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 1,966,127 shares of company stock worth $198,911,103 over the last three months. 0.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp boosted its position in Qorvo by 440.1% in the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock valued at $589,000 after buying an additional 6,628 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Qorvo by 158.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $180,000 after acquiring an additional 1,301 shares during the period. First Trust Advisors LP raised its stake in shares of Qorvo by 56.5% during the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after acquiring an additional 51,475 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Qorvo during the second quarter valued at approximately $428,000. Finally, Cerity Partners LLC purchased a new stake in shares of Qorvo in the second quarter valued at approximately $327,000. Hedge funds and other 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.