Qorvo (NASDAQ:QRVO) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Qorvo (NASDAQ:QRVO) from an equal weight rating to an overweight rating in a research note released on Tuesday, Marketbeat Ratings reports. Morgan Stanley currently has $106.00 price target on the semiconductor company’s stock, up from their previous price target of $90.00.

QRVO has been the topic of several other research reports. UBS Group dropped their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Loop Capital started coverage on Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 target price on the stock. Mizuho decreased their price target on shares of Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. The Goldman Sachs Group cut their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Finally, BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.65.

Qorvo Price Performance

Shares of QRVO opened at $90.57 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm has a market capitalization of $8.56 billion, a PE ratio of -62.03, a P/E/G ratio of 7.02 and a beta of 1.40. The stock has a 50 day simple moving average of $71.72 and a 200 day simple moving average of $93.02. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Sell-side analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC grew its position in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Qorvo in the 3rd quarter valued at $41,000. Versant Capital Management Inc grew its holdings in Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 286 shares in the last quarter. Farther Finance Advisors LLC increased its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares during the period. Finally, UMB Bank n.a. increased its position in Qorvo by 33.8% during the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock worth $76,000 after buying an additional 186 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

About Qorvo

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.