Wall Street Zen Upgrades Qorvo (NASDAQ:QRVO) to “Buy”

Qorvo (NASDAQ:QRVO) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. UBS Group boosted their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Craig Hallum reissued a “buy” rating and set a $120.00 target price on shares of Qorvo in a research report on Wednesday, May 6th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Finally, Mizuho reaffirmed an “underperform” rating and issued a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $94.00.

Qorvo Stock Down 1.2%

Shares of NASDAQ:QRVO opened at $89.49 on Friday. Qorvo has a 1 year low of $74.92 and a 1 year high of $109.49. The company has a market capitalization of $7.89 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.44. The business has a fifty day moving average price of $93.54 and a two-hundred day moving average price of $86.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The company had revenue of $784.79 million for the quarter, compared to analysts’ expectations of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts forecast that Qorvo will post 5.87 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 2,500 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the sale, the vice president directly owned 24,429 shares in the company, valued at approximately $2,442,900. This trade represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. Insiders own 0.49% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds and other institutional investors have recently modified their holdings of QRVO. Smartleaf Asset Management LLC boosted its holdings in Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after buying an additional 231 shares during the period. Sound Income Strategies LLC raised its holdings in Qorvo by 952.8% during the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 343 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Qorvo during the third quarter worth $36,000. V Square Quantitative Management LLC purchased a new stake in shares of Qorvo during the fourth quarter worth $39,000. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 310 shares during the period. 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.