Qorvo (NASDAQ:QRVO) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Qorvo (NASDAQ:QRVO) from a neutral rating to an overweight rating in a report published on Monday morning, MarketBeat Ratings reports. The brokerage currently has $110.00 target price on the semiconductor company’s stock, up from their previous target price of $85.00.

Several other equities analysts also recently issued reports on the stock. Craig Hallum cut their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered 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. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group dropped their target price on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Performance

QRVO opened at $86.03 on Monday. The stock’s 50 day simple moving average is $73.41 and its 200-day simple moving average is $91.84. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.13 billion, a PE ratio of -58.92, a P/E/G ratio of 6.98 and a beta of 1.40. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. The firm 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 company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. Sell-side analysts forecast that Qorvo will post 3.37 EPS for the current year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of hedge funds have recently modified their holdings of QRVO. Larson Financial Group LLC increased its stake in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Qorvo during the third quarter worth $41,000. Versant Capital Management Inc raised 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 acquiring an additional 286 shares during the period. Farther Finance Advisors LLC lifted its position in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 104 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its stake in Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 734 shares during the period. Institutional investors and hedge funds 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.