Qorvo (QRVO) Given Buy Rating at Barclays

Barclays reiterated their buy rating on shares of Qorvo (NASDAQ:QRVO) in a report released on Wednesday morning. They currently have a $75.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley dropped their price objective on Qorvo from $75.00 to $72.00 and set an equal weight rating for the company in a research note on Wednesday, October 3rd. Needham & Company LLC lifted their price objective on Qorvo from $85.00 to $92.00 and gave the company a buy rating in a research note on Thursday, August 2nd. ValuEngine cut Qorvo from a buy rating to a hold rating in a research note on Saturday, August 18th. Zacks Investment Research raised Qorvo from a hold rating to a buy rating and set a $94.00 target price for the company in a research note on Monday, August 6th. Finally, BidaskClub cut Qorvo from a hold rating to a sell rating in a research note on Tuesday, August 21st. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $80.96.

Shares of NASDAQ QRVO traded up $2.28 during trading on Wednesday, reaching $65.16. The stock had a trading volume of 1,574,313 shares, compared to its average volume of 1,608,287. Qorvo has a fifty-two week low of $61.00 and a fifty-two week high of $86.84. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $7.97 billion, a PE ratio of 13.63, a PEG ratio of 0.91 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.13. Qorvo had a positive return on equity of 13.65% and a negative net margin of 1.41%. The business had revenue of $884.40 million during the quarter, compared to analysts’ expectations of $855.57 million. During the same period in the previous year, the firm posted $1.52 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts predict that Qorvo will post 5.66 earnings per share for the current year.

In other Qorvo news, VP Gina Harrison sold 1,016 shares of Qorvo stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $74.00, for a total transaction of $75,184.00. Following the completion of the sale, the vice president now directly owns 18,381 shares of the company’s stock, valued at approximately $1,360,194. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $65.00, for a total value of $195,000.00. Following the sale, the vice president now directly owns 67,446 shares of the company’s stock, valued at $4,383,990. The disclosure for this sale can be found here. Insiders have sold a total of 35,796 shares of company stock valued at $2,577,670 over the last ninety days. 0.85% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in QRVO. Iridian Asset Management LLC CT lifted its holdings in Qorvo by 108.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,569,085 shares of the semiconductor company’s stock worth $205,964,000 after buying an additional 1,334,035 shares during the last quarter. Vulcan Value Partners LLC lifted its holdings in Qorvo by 16.2% during the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock worth $625,174,000 after buying an additional 1,087,335 shares during the last quarter. Millennium Management LLC lifted its holdings in Qorvo by 207.7% during the 2nd quarter. Millennium Management LLC now owns 1,310,508 shares of the semiconductor company’s stock worth $105,063,000 after buying an additional 884,601 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Qorvo by 4,338.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 682,949 shares of the semiconductor company’s stock worth $1,282,000 after buying an additional 667,562 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Qorvo by 366.5% during the 3rd quarter. Prudential Financial Inc. now owns 646,625 shares of the semiconductor company’s stock worth $49,719,000 after buying an additional 508,000 shares during the last quarter. 94.44% of the stock is owned by institutional investors.

Qorvo Company Profile

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.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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