Qorvo (QRVO) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $84.00 price objective on the semiconductor company’s stock.
According to Zacks, “Qorvo provides core technologies and radio frequency (RF) solutions. The company is expected to benefit from robust demand of its performance-tier for RF Fusion based solutions, antenna tuning, discrete components and BAW-based multiplexers. Also, progress in IDP segment and stringent cost control measures bode well. Notably, shares of Qorvo have outperformed the industry in the past one month. Nonetheless, Qorvo faces challenges owing to weakness in flagship smartphone product volumes and softness in China domestic market. Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Customer concentration from the likes of Apple and Huawei, among others is a headwind.”
A number of other equities research analysts also recently issued reports on the stock. TheStreet upgraded shares of Qorvo from a c+ rating to a b- rating in a research note on Monday, March 25th. Goldman Sachs Group upgraded shares of Qorvo from a neutral rating to a buy rating and lifted their price objective for the company from $66.00 to $79.00 in a research note on Thursday, March 21st. BidaskClub lowered shares of Qorvo from a buy rating to a hold rating in a research note on Saturday, March 9th. Needham & Company LLC reiterated a buy rating and issued a $70.00 price objective on shares of Qorvo in a research note on Monday, March 4th. Finally, ValuEngine upgraded shares of Qorvo from a sell rating to a hold rating in a research note on Monday, February 25th. Fourteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $76.00.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Thursday, February 7th. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.30. The firm had revenue of $832.20 million for the quarter, compared to the consensus estimate of $819.21 million. Qorvo had a net margin of 1.92% and a return on equity of 14.11%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 earnings per share. Sell-side analysts anticipate that Qorvo will post 5.03 EPS for the current year.
In other news, VP Gina Harrison sold 1,016 shares of the company’s stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $70.00, for a total transaction of $71,120.00. Following the sale, the vice president now directly owns 17,004 shares in the company, valued at $1,190,280. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.00, for a total value of $390,000.00. Following the sale, the vice president now owns 61,006 shares in the company, valued at $3,965,390. The disclosure for this sale can be found here. In the last three months, insiders sold 223,381 shares of company stock valued at $15,381,024. 0.85% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Oregon Public Employees Retirement Fund increased its stake in Qorvo by 8,987.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 3,620,278 shares during the last quarter. Norges Bank acquired a new stake in shares of Qorvo during the 4th quarter worth $91,781,000. Rehmann Capital Advisory Group increased its holdings in shares of Qorvo by 1,736,909.1% during the 3rd quarter. Rehmann Capital Advisory Group now owns 191,071 shares of the semiconductor company’s stock worth $2,485,000 after buying an additional 191,060 shares during the last quarter. Marshall Wace North America L.P. increased its holdings in shares of Qorvo by 574.2% during the 3rd quarter. Marshall Wace North America L.P. now owns 209,034 shares of the semiconductor company’s stock worth $16,073,000 after buying an additional 178,030 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Qorvo by 13.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock worth $87,523,000 after buying an additional 175,203 shares during the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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