Qorvo (NASDAQ:QRVO) Rating Increased to Hold at Argus

Argus upgraded shares of Qorvo (NASDAQ:QRVO) to a hold rating in a research report report published on Wednesday morning,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Needham & Company LLC boosted their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Morgan Stanley set a $110.00 target price on Qorvo and gave the company an “equal weight” rating in a report on Wednesday, October 29th. Benchmark raised their target price on Qorvo from $95.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. Finally, Susquehanna reissued a “neutral” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Qorvo in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $100.80.

Qorvo Stock Down 2.9%

QRVO stock opened at $87.12 on Wednesday. The stock has a market capitalization of $8.05 billion, a P/E ratio of 37.71, a P/E/G ratio of 1.64 and a beta of 1.44. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.95 and a quick ratio of 2.01. Qorvo has a 1-year low of $49.46 and a 1-year high of $106.30. The business has a fifty day moving average price of $91.10 and a 200-day moving average price of $84.67.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, November 4th. The semiconductor company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a return on equity of 13.30% and a net margin of 5.95%.During the same period last year, the business posted $1.88 earnings per share. The company’s revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Qorvo will post 4.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 13,612 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $95.00, for a total value of $1,293,140.00. Following the completion of the transaction, the senior vice president directly owned 54,558 shares in the company, valued at $5,183,010. This represents a 19.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Jericho Capital Asset Management L.P. bought a new stake in Qorvo during the first quarter valued at about $168,980,000. Contour Asset Management LLC purchased a new stake in shares of Qorvo during the first quarter worth about $151,698,000. Norges Bank bought a new stake in Qorvo during the 2nd quarter valued at approximately $153,994,000. LSV Asset Management lifted its holdings in Qorvo by 118.0% in the 2nd quarter. LSV Asset Management now owns 1,382,970 shares of the semiconductor company’s stock worth $117,428,000 after purchasing an additional 748,589 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Qorvo by 2,096.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 498,122 shares of the semiconductor company’s stock worth $36,069,000 after purchasing an additional 475,444 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

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.