Qorvo (NASDAQ:QRVO) Raised to Hold at BidaskClub

BidaskClub upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a hold rating in a research report sent to investors on Friday, BidAskClub reports.

Several other equities analysts have also issued reports on QRVO. TheStreet lowered AMERCO from a b rating to a c+ rating in a report on Monday, March 25th. Goldman Sachs Group set a €76.00 ($88.37) target price on Symrise and gave the company a neutral rating in a report on Thursday, March 21st. Morgan Stanley set a $28.00 target price on BJs Wholesale Club and gave the company a hold rating in a report on Friday, May 24th. Craig Hallum reaffirmed a buy rating and issued a $75.00 target price on shares of Qorvo in a report on Tuesday, May 21st. Finally, Cowen initiated coverage on Littelfuse in a research note on Tuesday, May 21st. They issued an outperform rating and a $210.00 price objective on the stock. Fifteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Qorvo currently has an average rating of Hold and an average target price of $75.52.

QRVO stock opened at $71.29 on Friday. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 2.17 and a beta of 1.08. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.21. The firm has a 50 day simple moving average of $66.14. Qorvo has a 12-month low of $54.74 and a 12-month high of $86.50.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.23. The company had revenue of $680.88 million during the quarter, compared to analyst estimates of $670.59 million. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. Qorvo’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. On average, equities research analysts anticipate that Qorvo will post 4.12 earnings per share for the current year.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $70.56, for a total transaction of $135,051.84. Following the sale, the vice president now owns 50,031 shares in the company, valued at $3,530,187.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert A. Bruggeworth sold 25,831 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $72.52, for a total value of $1,873,264.12. Following the sale, the insider now owns 201,794 shares in the company, valued at approximately $14,634,100.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,573 shares of company stock worth $2,488,757. Company insiders own 0.71% of the company’s stock.

Several large investors have recently bought and sold shares of the business. Robeco Institutional Asset Management B.V. increased its stake in Qorvo by 143.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 226,001 shares of the semiconductor company’s stock valued at $15,056,000 after acquiring an additional 133,240 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Qorvo by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock valued at $521,000 after acquiring an additional 158 shares during the last quarter. NEXT Financial Group Inc increased its stake in Qorvo by 63.5% in the second quarter. NEXT Financial Group Inc now owns 868 shares of the semiconductor company’s stock valued at $58,000 after acquiring an additional 337 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Qorvo by 7.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 66,511 shares of the semiconductor company’s stock valued at $4,430,000 after acquiring an additional 4,804 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. increased its stake in Qorvo by 28.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 17,843 shares of the semiconductor company’s stock valued at $1,189,000 after acquiring an additional 3,931 shares during the last quarter. Hedge funds and other institutional investors own 93.81% 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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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