Qorvo (QRVO) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. Zacks Investment Research currently has $84.00 target price 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 a number of other research reports. Craig Hallum restated a buy rating and set a $85.00 target price (up previously from $72.00) on shares of Qorvo in a report on Wednesday, May 8th. BidaskClub cut Qorvo from a hold rating to a sell rating in a report on Wednesday, February 20th. Goldman Sachs Group upgraded Qorvo from a neutral rating to a buy rating and raised their target price for the stock from $66.00 to $79.00 in a report on Thursday, March 21st. Piper Jaffray Companies restated an overweight rating and set a $75.00 target price on shares of Qorvo in a report on Friday, February 8th. Finally, Canaccord Genuity upgraded Qorvo from a hold rating to a buy rating and raised their target price for the stock from $70.00 to $87.00 in a report on Wednesday, May 8th. Thirteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $78.14.

Shares of QRVO opened at $68.11 on Monday. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.21. Qorvo has a 1 year low of $54.74 and a 1 year high of $86.50. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.25 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $680.88 million for the quarter, compared to analysts’ expectations of $670.59 million. During the same quarter last year, the business earned $1.07 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Qorvo will post 5.13 earnings per share for the current year.

In other Qorvo news, VP Gina Harrison sold 1,016 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $70.00, for a total value of $71,120.00. Following the sale, the vice president now owns 15,988 shares in the company, valued at approximately $1,119,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $68.87, for a total value of $206,610.00. Following the completion of the sale, the vice president now owns 55,006 shares in the company, valued at approximately $3,788,263.22. The disclosure for this sale can be found here. Insiders have sold a total of 246,024 shares of company stock worth $17,108,361 in the last quarter. 0.85% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Resources Investment Advisors Inc. bought a new stake in Qorvo in the 4th quarter valued at approximately $27,000. Ameritas Investment Corp bought a new stake in Qorvo in the 1st quarter valued at approximately $30,000. CSat Investment Advisory L.P. lifted its stake 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 acquiring an additional 242 shares in the last quarter. Enlightenment Research LLC bought a new stake in Qorvo in the 4th quarter valued at approximately $43,000. Finally, Lavaca Capital LLC bought a new stake in Qorvo in the 1st quarter valued at approximately $45,000. Hedge funds and other institutional investors own 91.52% of the company’s stock.

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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