Qorvo (QRVO) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a buy rating in a research report report published on Monday morning, Zacks.com reports. Zacks Investment Research currently has $84.00 price objective on the semiconductor company’s stock.

According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company benefited from increased demand in the performance-tier for RF Fusion based solutions, antenna tuning, discrete components and BAW-based multiplexers. The company’s 5G and GaN solutions hold promise. Further, robust growth in company’s wireless connectivity as well as in base station solutions is a positive. However, the company faces challenges owing to weakness in flagship smartphone product volumes and softness in China domestic market. Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Customer concentration from the likes of Apple and Huawei, among others is a headwind.”

QRVO has been the topic of several other research reports. Canaccord Genuity lowered Qorvo from a buy rating to a hold rating and cut their price target for the company from $77.00 to $70.00 in a research note on Friday, February 8th. Piper Jaffray Companies reiterated an overweight rating and set a $75.00 price target on shares of Qorvo in a research report on Friday, February 8th. ValuEngine cut Qorvo from a hold rating to a sell rating in a report on Friday, February 8th. BidaskClub lowered Qorvo from a hold rating to a sell rating in a research note on Wednesday, February 20th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $70.00 price target on shares of Qorvo in a research note on Monday, March 4th. Thirteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Qorvo currently has a consensus rating of Buy and an average target price of $78.78.

NASDAQ:QRVO opened at $73.35 on Monday. Qorvo has a twelve month low of $54.74 and a twelve month high of $86.50. The firm has a market cap of $8.72 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 3.87 and a debt-to-equity ratio of 0.21.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.23. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The business had revenue of $680.88 million during the quarter, compared to the consensus estimate of $670.59 million. During the same period last year, the company earned $1.07 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Qorvo will post 5.13 earnings per share for the current year.

In related news, VP James L. Klein sold 1,914 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $77.16, for a total transaction of $147,684.24. Following the transaction, the vice president now owns 45,374 shares of the company’s stock, valued at approximately $3,501,057.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ralph Quinsey sold 209,349 shares of the stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $69.01, for a total value of $14,447,174.49. Following the transaction, the director now directly owns 84,242 shares in the company, valued at approximately $5,813,540.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 244,110 shares of company stock worth $16,970,553. 0.85% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of QRVO. Resources Investment Advisors Inc. acquired a new stake in Qorvo in the 4th quarter valued at about $27,000. CSat Investment Advisory L.P. raised its position in Qorvo by 82.9% in the 4th quarter. CSat Investment Advisory L.P. now owns 534 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 242 shares in the last quarter. Lavaca Capital LLC acquired a new stake in Qorvo in the 1st quarter valued at about $45,000. Enlightenment Research LLC acquired a new stake in Qorvo in the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in Qorvo in the 1st quarter valued at about $71,000. 91.52% of the stock is currently owned by hedge funds and other 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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