Qorvo (NASDAQ:QRVO) Raised to “Neutral” at DA Davidson

DA Davidson upgraded shares of Qorvo (NASDAQ:QRVO) from a sell rating to a neutral rating in a report published on Monday morning, The Fly reports. The brokerage currently has $74.00 price objective on the semiconductor company’s stock.

Several other equities analysts also recently issued reports on QRVO. Mizuho cut their price objective on shares of Qorvo from $75.00 to $70.00 and set a neutral rating on the stock in a report on Wednesday, May 22nd. UBS Group upped their price objective on shares of Qorvo from $68.00 to $74.00 and gave the company a neutral rating in a report on Friday. Raymond James upped their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, May 8th. Morgan Stanley upped their price objective on shares of Qorvo from $67.00 to $71.00 and gave the company an equal weight rating in a report on Friday. Finally, Canaccord Genuity restated a buy rating and set a $76.00 price objective (down previously from $87.00) on shares of Qorvo in a report on Tuesday, May 21st. Fourteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $76.86.

QRVO opened at $68.15 on Monday. Qorvo has a 52-week low of $54.74 and a 52-week high of $86.50. The company has a current ratio of 3.44, a quick ratio of 2.30 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $8.37 billion, a P/E ratio of 12.98, a P/E/G ratio of 2.16 and a beta of 1.09. The firm’s 50-day moving average is $69.62.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.23. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The firm had revenue of $775.60 million for the quarter, compared to the consensus estimate of $738.98 million. During the same quarter in the prior year, the company posted $0.96 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, research analysts expect that Qorvo will post 4.12 EPS for the current fiscal year.

In other news, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total value of $137,808.00. Following the completion of the transaction, the vice president now owns 53,859 shares in the company, valued at approximately $3,877,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $74.84, for a total value of $224,520.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,573 shares of company stock valued at $2,488,757 over the last three months. Corporate insiders own 0.71% of the company’s stock.

A number of hedge funds have recently bought and sold shares of QRVO. Neuberger Berman Group LLC purchased a new stake in Qorvo during the first quarter worth approximately $54,992,000. Thompson Siegel & Walmsley LLC purchased a new stake in Qorvo in the first quarter valued at approximately $43,431,000. Boston Partners lifted its stake in Qorvo by 6.5% in the first quarter. Boston Partners now owns 3,916,687 shares of the semiconductor company’s stock valued at $280,944,000 after buying an additional 238,370 shares during the last quarter. FMR LLC lifted its stake in Qorvo by 15.5% in the first quarter. FMR LLC now owns 1,590,816 shares of the semiconductor company’s stock valued at $114,110,000 after buying an additional 213,091 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Qorvo by 13.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock valued at $87,523,000 after buying an additional 175,203 shares during the last quarter. Hedge funds and other institutional investors 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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