BidaskClub Upgrades Qorvo, Inc. (QRVO) to Buy
Qorvo, Inc. (NASDAQ:QRVO) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.
QRVO has been the subject of several other reports. Zacks Investment Research lowered Qorvo from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 21st. Raymond James Financial, Inc. assumed coverage on Qorvo in a report on Friday, June 16th. They set an “outperform” rating and a $87.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price on shares of Qorvo in a report on Thursday, May 4th. Cowen and Company reaffirmed a “market perform” rating and set a $74.00 target price (up from $60.00) on shares of Qorvo in a report on Thursday, May 4th. Finally, MKM Partners reaffirmed a “buy” rating and set a $90.00 target price (up from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $73.28.
Qorvo (NASDAQ QRVO) traded down 2.14% during mid-day trading on Friday, reaching $69.67. The company’s stock had a trading volume of 1,285,178 shares. The firm has a 50-day moving average of $67.77 and a 200-day moving average of $69.17. The stock’s market capitalization is $8.87 billion. Qorvo has a 52 week low of $48.28 and a 52 week high of $79.34.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million during the quarter, compared to analyst estimates of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. On average, equities research analysts expect that Qorvo will post $5.54 earnings per share for the current year.
In other Qorvo news, VP Steven E. Creviston sold 26,911 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $77.00, for a total value of $2,072,147.00. Following the completion of the sale, the vice president now directly owns 153,644 shares in the company, valued at $11,830,588. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Harding sold 3,260 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $71.79, for a total value of $234,035.40. Following the completion of the sale, the director now owns 6,322 shares of the company’s stock, valued at $453,856.38. The disclosure for this sale can be found here. Insiders sold 136,895 shares of company stock valued at $9,874,096 over the last 90 days. 0.91% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in QRVO. Toronto Dominion Bank increased its stake in Qorvo by 26.1% in the second quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock worth $2,725,000 after buying an additional 8,911 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Qorvo during the second quarter worth approximately $933,000. Verition Fund Management LLC bought a new stake in shares of Qorvo during the second quarter worth approximately $1,300,000. Wunderlich Capital Managemnt increased its stake in shares of Qorvo by 326.1% in the second quarter. Wunderlich Capital Managemnt now owns 14,956 shares of the semiconductor company’s stock worth $947,000 after buying an additional 11,446 shares during the period. Finally, Robecosam AG increased its stake in shares of Qorvo by 17.9% in the second quarter. Robecosam AG now owns 165,000 shares of the semiconductor company’s stock worth $10,608,000 after buying an additional 25,000 shares during the period. Hedge funds and other institutional investors own 97.09% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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