Qorvo (NASDAQ:QRVO) Trading 7.6% Higher – Here’s What Happened

Qorvo, Inc. (NASDAQ:QRVO)’s stock price shot up 7.6% on Friday . The company traded as high as $76.62 and last traded at $76.59. 1,939,275 shares were traded during trading, a decline of 34% from the average session volume of 2,931,389 shares. The stock had previously closed at $71.20.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QRVO. Stifel Nicolaus decreased their price target on shares of Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Qorvo in a research note on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Mizuho raised their target price on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, January 24th. Finally, Benchmark restated a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $95.84.

Qorvo Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The company’s fifty day simple moving average is $77.09 and its two-hundred day simple moving average is $84.52. The stock has a market capitalization of $7.17 billion, a PE ratio of 274.29, a P/E/G ratio of 15.57 and a beta of 1.48.

Institutional Investors Weigh In On Qorvo

Hedge funds and other institutional investors have recently modified their holdings of the company. Rakuten Securities Inc. purchased a new stake in shares of Qorvo during the fourth quarter worth about $28,000. Huntington National Bank grew its holdings in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after buying an additional 145 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Qorvo during the fourth quarter worth about $37,000. Finally, Versant Capital Management Inc grew its holdings in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.