Qorvo (NASDAQ:QRVO) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Qorvo (NASDAQ:QRVO) from a neutral rating to an overweight rating in a research note published on Monday, MarketBeat Ratings reports. They currently have $110.00 price target on the semiconductor company’s stock, up from their prior price target of $85.00.

Several other brokerages have also recently issued reports on QRVO. Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price objective on the stock. TD Cowen reduced their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Barclays lowered their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Bank of America reduced their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Finally, UBS Group lowered their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $95.84.

Qorvo Stock Performance

Qorvo stock opened at $86.03 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a 50 day moving average of $73.41 and a 200-day moving average of $91.84. The stock has a market cap of $8.13 billion, a P/E ratio of -58.92, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping 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 the consensus estimate of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The company’s revenue was down 5.2% on a year-over-year basis. On average, analysts expect 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 the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently modified their holdings of QRVO. Farther Finance Advisors LLC increased its stake in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the period. V Square Quantitative Management LLC grew its holdings in Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 107 shares during the last quarter. American Trust increased its position in Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after buying an additional 115 shares during the period. Verdence Capital Advisors LLC lifted its holdings in shares of Qorvo by 3.7% during the third quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after buying an additional 140 shares during the last quarter. Finally, Narwhal Capital Management grew its stake in shares of Qorvo by 7.7% in the third quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.