Qorvo Inc (QRVO) Receives Average Recommendation of “Hold” from Brokerages

Shares of Qorvo Inc (NASDAQ:QRVO) have been given an average rating of “Hold” by the thirty brokerages that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $80.75.

Several research analysts have weighed in on QRVO shares. UBS Group decreased their price target on shares of Qorvo from $83.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 14th. Morgan Stanley decreased their price target on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 3rd. KeyCorp decreased their price target on shares of Qorvo from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 14th. Craig Hallum decreased their price target on shares of Qorvo from $76.00 to $74.00 and set a “hold” rating on the stock in a research report on Monday. Finally, BidaskClub downgraded shares of Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, July 27th.

QRVO traded up $1.56 during trading on Thursday, hitting $63.58. The company’s stock had a trading volume of 1,792,412 shares, compared to its average volume of 2,031,361. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16. Qorvo has a one year low of $61.00 and a one year high of $86.84. The company has a market capitalization of $7.75 billion, a PE ratio of 13.30, a PEG ratio of 0.94 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business had revenue of $884.40 million for the quarter, compared to the consensus estimate of $855.57 million. During the same period last year, the firm earned $1.52 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts forecast that Qorvo will post 5.32 earnings per share for the current fiscal year.

In other news, VP James L. Klein sold 2,093 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $79.88, for a total transaction of $167,188.84. Following the sale, the vice president now directly owns 50,172 shares in the company, valued at approximately $4,007,739.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gina Harrison sold 1,016 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $74.00, for a total transaction of $75,184.00. Following the sale, the vice president now owns 18,381 shares in the company, valued at $1,360,194. The disclosure for this sale can be found here. Insiders have sold a total of 34,296 shares of company stock worth $2,456,170 over the last 90 days. Insiders own 0.85% of the company’s stock.

Several hedge funds have recently made changes to their positions in QRVO. Morgan Stanley grew its stake in Qorvo by 6.2% during the third quarter. Morgan Stanley now owns 292,501 shares of the semiconductor company’s stock valued at $22,490,000 after acquiring an additional 16,972 shares in the last quarter. Legal & General Group Plc grew its stake in Qorvo by 1.5% during the third quarter. Legal & General Group Plc now owns 576,978 shares of the semiconductor company’s stock valued at $44,333,000 after acquiring an additional 8,482 shares in the last quarter. Standard Life Aberdeen plc grew its stake in Qorvo by 169.6% during the third quarter. Standard Life Aberdeen plc now owns 80,513 shares of the semiconductor company’s stock valued at $6,191,000 after acquiring an additional 50,650 shares in the last quarter. Rehmann Capital Advisory Group grew its stake in Qorvo by 1,736,909.1% during the third quarter. Rehmann Capital Advisory Group now owns 191,071 shares of the semiconductor company’s stock valued at $2,485,000 after acquiring an additional 191,060 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Qorvo by 56.0% during the third quarter. Nordea Investment Management AB now owns 6,349 shares of the semiconductor company’s stock valued at $488,000 after acquiring an additional 2,278 shares in the last quarter. Hedge funds and other institutional investors own 94.77% of the company’s stock.

About Qorvo

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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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