Qorvo (QRVO) Upgraded at Zacks Investment Research
Qorvo (NASDAQ:QRVO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. Shares of the company have outperformed the industry over the past one year. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Xiaomi, Oppo, Vivo and others. Management stated that the unit growth is primarily driven by strong demand in India. Qorvo expects India to be an almost $1-billion opportunity for RF products by 2020. However, mix remains a drag in both China and India as consumers are favoring mid-tier phones, which have lower dollar content. Management cited delayed product cycle at its largest customer to be one of the multiple reasons that will hurt Mobile Products revenues in the current quarter.”
Several other brokerages also recently issued reports on QRVO. JPMorgan Chase & Co. set a $88.00 price target on Qorvo and gave the company a “buy” rating in a report on Wednesday, November 15th. Morgan Stanley raised their price target on Qorvo from $68.00 to $69.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price target on shares of Qorvo in a report on Thursday, November 2nd. Drexel Hamilton reaffirmed a “buy” rating and set a $95.00 price target on shares of Qorvo in a report on Thursday, November 2nd. Finally, Northland Securities downgraded Qorvo from an “outperform” rating to a “market perform” rating in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $76.89.
Shares of Qorvo (QRVO) traded down $0.76 during trading on Tuesday, reaching $66.60. The company’s stock had a trading volume of 714,700 shares, compared to its average volume of 1,506,357. Qorvo has a fifty-two week low of $52.05 and a fifty-two week high of $81.20. The firm has a market cap of $8,468.06, a P/E ratio of -416.25, a price-to-earnings-growth ratio of 1.12 and a beta of 1.02. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The business had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same quarter last year, the firm posted $1.29 EPS. The company’s quarterly revenue was down 5.0% on a year-over-year basis. sell-side analysts expect that Qorvo will post 4.74 EPS for the current year.
In related news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $72.27, for a total value of $433,620.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert A. Bruggeworth sold 5,000 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $65.57, for a total value of $327,850.00. Following the completion of the transaction, the insider now owns 185,344 shares in the company, valued at approximately $12,153,006.08. The disclosure for this sale can be found here. Insiders sold 58,096 shares of company stock worth $4,335,007 in the last 90 days. 0.91% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC grew its holdings in shares of Qorvo by 10.1% during the third quarter. Parametric Portfolio Associates LLC now owns 329,234 shares of the semiconductor company’s stock worth $23,270,000 after purchasing an additional 30,198 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in Qorvo during the third quarter worth $222,000. Cetera Advisor Networks LLC bought a new stake in Qorvo during the third quarter worth $219,000. IFM Investors Pty Ltd purchased a new position in shares of Qorvo during the 3rd quarter valued at $289,000. Finally, California Public Employees Retirement System lifted its position in shares of Qorvo by 1.8% during the 3rd quarter. California Public Employees Retirement System now owns 289,332 shares of the semiconductor company’s stock valued at $20,450,000 after buying an additional 5,132 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.
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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