Qorvo’s (QRVO) Market Perform Rating Reiterated at Cowen

Cowen restated their market perform rating on shares of Qorvo (NASDAQ:QRVO) in a report released on Friday, Briefing.com Automated Import reports. Cowen currently has a $75.00 target price on the semiconductor company’s stock, up from their previous target price of $65.00.

Other equities research analysts have also issued reports about the stock. Morgan Stanley reduced their target price on shares of Qorvo from $73.00 to $67.00 and set an equal weight rating on the stock in a report on Friday, May 24th. Craig Hallum reiterated a buy rating and set a $75.00 target price on shares of Qorvo in a report on Tuesday, May 21st. Zacks Investment Research lowered shares of Qorvo from a buy rating to a hold rating in a report on Thursday, May 23rd. UBS Group reduced their target price on shares of Qorvo from $82.00 to $68.00 and set a neutral rating on the stock in a report on Wednesday, May 22nd. Finally, Barclays lowered shares of Qorvo from an overweight rating to an equal weight rating and reduced their target price for the stock from $70.00 to $60.00 in a report on Thursday, June 6th. Fourteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Qorvo has a consensus rating of Hold and an average price target of $76.86.

Shares of NASDAQ:QRVO traded down $2.50 during mid-day trading on Friday, reaching $68.40. 843,506 shares of the company were exchanged, compared to its average volume of 1,102,848. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 3.87. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 2.16 and a beta of 1.09. The company has a 50-day moving average price of $69.10. Qorvo has a 1 year low of $54.74 and a 1 year high of $86.50.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23. The firm had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.61%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the company posted $0.96 EPS. On average, research analysts predict that Qorvo will post 4.12 earnings per share for the current year.

In other news, insider Robert A. Bruggeworth sold 25,831 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total value of $1,873,264.12. Following the sale, the insider now directly owns 201,794 shares in the company, valued at approximately $14,634,100.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 1,914 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $72.00, for a total transaction of $137,808.00. Following the completion of the sale, the vice president now owns 53,859 shares in the company, valued at $3,877,848. The disclosure for this sale can be found here. Insiders sold a total of 34,573 shares of company stock worth $2,488,757 over the last 90 days. Company insiders own 0.71% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Qorvo during the 4th quarter worth $91,781,000. Neuberger Berman Group LLC acquired a new stake in Qorvo during the 1st quarter worth $54,992,000. Thompson Siegel & Walmsley LLC acquired a new stake in Qorvo during the 1st quarter worth $43,431,000. Boston Partners raised its stake in Qorvo by 6.5% during the 1st quarter. Boston Partners now owns 3,916,687 shares of the semiconductor company’s stock worth $280,944,000 after acquiring an additional 238,370 shares in the last quarter. Finally, FMR LLC raised its stake in Qorvo by 15.5% during the 1st quarter. FMR LLC now owns 1,590,816 shares of the semiconductor company’s stock worth $114,110,000 after acquiring an additional 213,091 shares in the last quarter. Institutional investors and hedge funds own 93.77% of the company’s stock.

About Qorvo

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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