Qorvo, Inc. (QRVO) Receives “Hold” Rating from Cowen and Company
Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “hold” rating reissued by research analysts at Cowen and Company in a report released on Sunday. They currently have a $85.00 target price on the semiconductor company’s stock. Cowen and Company’s target price points to a potential upside of 12.60% from the stock’s current price.
A number of other equities analysts also recently commented on the company. Zacks Investment Research downgraded Qorvo from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Needham & Company LLC lifted their target price on Qorvo from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, May 26th. BidaskClub downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Instinet initiated coverage on Qorvo in a research note on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 target price for the company. Finally, Nomura initiated coverage on Qorvo in a research note on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. Qorvo has an average rating of “Hold” and an average target price of $73.45.
Shares of Qorvo (NASDAQ QRVO) opened at 75.49 on Friday. The stock’s market capitalization is $9.61 billion. Qorvo has a 1-year low of $19.18 and a 1-year high of $75.55. The firm’s 50-day moving average price is $58.03 and its 200 day moving average price is $61.14.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. During the same period in the previous year, the firm posted $1.08 earnings per share. Qorvo’s quarterly revenue was down 8.3% compared to the same quarter last year. Analysts expect that Qorvo will post $5.54 EPS for the current fiscal year.
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In related news, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $63.49, for a total transaction of $165,074.00. Following the sale, the vice president now owns 40,058 shares of the company’s stock, valued at $2,543,282.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert A. Bruggeworth sold 27,839 shares of the business’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $65.03, for a total value of $1,810,370.17. Following the sale, the insider now directly owns 217,042 shares in the company, valued at approximately $14,114,241.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,919 shares of company stock worth $5,379,553. 0.91% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Federated Investors Inc. PA increased its holdings in shares of Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 90 shares in the last quarter. NEXT Financial Group Inc increased its holdings in shares of Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after buying an additional 49 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Qorvo by 5.1% in the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 126 shares in the last quarter. Global X Management Co. LLC increased its holdings in shares of Qorvo by 400.9% in the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after buying an additional 2,237 shares in the last quarter. Finally, Achmea Investment Management B.V. bought a new position in shares of Qorvo in the second quarter valued at $188,000. 94.39% of the stock is currently owned by hedge funds and other institutional investors.
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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