Wall Street Zen Upgrades Qorvo (NASDAQ:QRVO) to “Hold”

Qorvo (NASDAQ:QRVO) was upgraded by equities researchers at Wall Street Zen to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also issued reports on the stock. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Citigroup upped their price objective on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. UBS Group increased their price objective on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Finally, Mizuho reissued an “underperform” rating and issued a $66.00 target price (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.62.

Qorvo Price Performance

QRVO opened at $87.57 on Friday. The firm has a market cap of $7.73 billion, a P/E ratio of 24.19, a PEG ratio of 1.37 and a beta of 1.44. The firm has a 50-day moving average of $95.91 and a 200 day moving average of $86.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24. Qorvo has a fifty-two week low of $74.92 and a fifty-two week high of $109.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.21 by $0.48. The business had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts expect that Qorvo will post 5.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the completion of the transaction, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at approximately $32,115,952. This trade represents a 15.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the senior vice president owned 71,038 shares of the company’s stock, valued at $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 over the last three months. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Large investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its stake in shares of Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock valued at $589,000 after purchasing an additional 6,628 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Qorvo by 158.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock worth $180,000 after purchasing an additional 1,301 shares during the period. First Trust Advisors LP grew its holdings in Qorvo by 56.5% during the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after buying an additional 51,475 shares in the last quarter. Marshall Wace LLP purchased a new position in Qorvo during the 2nd quarter valued at about $428,000. Finally, Cerity Partners LLC bought a new stake in shares of Qorvo during the second quarter valued at about $327,000. 88.57% of the stock is owned by institutional investors.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.