Qorvo (QRVO) Receives Buy Rating from Canaccord Genuity

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity in a research report issued on Wednesday, The Fly reports. They presently have a $81.00 target price on the semiconductor company’s stock, down from their previous target price of $87.00. Canaccord Genuity’s target price would indicate a potential upside of 19.22% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Morgan Stanley raised their price objective on shares of Qorvo from $68.00 to $69.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. KeyCorp reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, October 11th. Northland Securities downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 2nd. Craig Hallum downgraded shares of Qorvo from a “buy” rating to a “hold” rating and decreased their price target for the stock from $78.00 to $71.00 in a research note on Thursday, November 2nd. Finally, BidaskClub downgraded shares of Qorvo from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $76.58.

Qorvo (NASDAQ QRVO) traded up $1.88 on Wednesday, reaching $67.94. 1,864,249 shares of the company’s stock traded hands, compared to its average volume of 1,610,000. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80. Qorvo has a 1 year low of $61.12 and a 1 year high of $81.20. The firm has a market capitalization of $8,640.00 and a P/E ratio of -485.29.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same quarter in the prior year, the company posted $1.29 earnings per share. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. analysts forecast that Qorvo will post 4.66 earnings per share for the current year.

In related news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total value of $428,220.00. Following the completion of the sale, the vice president now directly owns 82,725 shares in the company, valued at $5,904,083.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Walter H. Wilkinson sold 15,925 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the completion of the sale, the director now owns 62,480 shares of the company’s stock, valued at $4,999,649.60. The disclosure for this sale can be found here. Insiders have sold a total of 53,096 shares of company stock valued at $3,968,257 over the last quarter. Corporate insiders own 0.91% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new stake in Qorvo in the third quarter worth $118,506,000. Manning & Napier Advisors LLC increased its position in shares of Qorvo by 52.5% in the third quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after buying an additional 840,755 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Qorvo by 3.6% in the second quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after buying an additional 430,596 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Qorvo in the second quarter valued at approximately $18,990,000. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of Qorvo by 113.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock valued at $26,484,000 after buying an additional 198,856 shares in the last quarter. Institutional investors own 96.77% of the company’s stock.

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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).

The Fly

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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