Qorvo (NASDAQ:QRVO) Raised to “Overweight” at Morgan Stanley

Qorvo (NASDAQ:QRVO) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $106.00 price target on the semiconductor company’s stock, up from their previous price target of $90.00. Morgan Stanley’s target price would indicate a potential upside of 25.88% from the company’s current price.

Several other analysts have also recently issued reports on the company. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, October 30th. Loop Capital initiated coverage on Qorvo in a research note on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, UBS Group dropped their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $97.65.

Qorvo Stock Performance

Shares of QRVO opened at $84.21 on Tuesday. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of -57.68, a PEG ratio of 6.75 and a beta of 1.40. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $70.40 and its two-hundred day moving average is $93.30. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. Analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GDS Wealth Management bought a new stake in Qorvo in the third quarter worth about $2,171,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after acquiring an additional 236,590 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Qorvo during the third quarter worth $2,507,000. Quest Partners LLC lifted its holdings in shares of Qorvo by 504.6% during the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Qorvo in the 3rd quarter valued at $1,211,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.