Qorvo (NASDAQ:QRVO) Upgraded to “Hold” at TD Cowen

TD Cowen upgraded shares of Qorvo (NASDAQ:QRVO) to a hold rating in a research note issued to investors on Monday, Zacks.com reports.

QRVO has been the subject of a number of other research reports. Rosenblatt Securities increased their price objective on Qorvo from $105.00 to $120.00 and gave the stock a neutral rating in a report on Wednesday, July 31st. Barclays increased their price objective on Qorvo from $100.00 to $125.00 and gave the stock an equal weight rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. increased their price objective on Qorvo from $100.00 to $115.00 and gave the stock an underweight rating in a report on Wednesday, July 31st. Raymond James increased their price objective on Qorvo from $115.00 to $135.00 and gave the stock an outperform rating in a report on Wednesday, July 31st. Finally, Craig Hallum increased their price objective on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo presently has an average rating of Hold and a consensus target price of $121.00.

Qorvo Price Performance

Shares of Qorvo stock opened at $100.46 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The company has a market cap of $9.53 billion, a PE ratio of -137.62, a P/E/G ratio of 1.28 and a beta of 1.46. The business has a 50 day moving average of $114.12 and a 200 day moving average of $110.91. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. As a group, equities research analysts forecast that Qorvo will post 4.84 earnings per share for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Qorvo

Several institutional investors have recently modified their holdings of QRVO. Pacer Advisors Inc. boosted its position in shares of Qorvo by 17,255.9% during the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after buying an additional 1,418,784 shares during the last quarter. Norges Bank purchased a new position in Qorvo in the fourth quarter worth about $118,120,000. Vulcan Value Partners LLC boosted its position in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Qorvo by 161.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after purchasing an additional 529,309 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Qorvo by 1,507.7% in the second quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock worth $40,349,000 after purchasing an additional 326,087 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

About Qorvo

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.