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

TD Cowen upgraded shares of Qorvo (NASDAQ:QRVO) to a hold rating in a report published on Monday, Zacks.com reports.

Several other brokerages also recently commented on QRVO. JPMorgan Chase & Co. boosted their target price on Qorvo from $100.00 to $115.00 and gave the stock an underweight rating in a report on Wednesday, July 31st. Craig Hallum increased their target price on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a report on Wednesday, July 31st. StockNews.com cut Qorvo from a buy rating to a hold rating in a report on Thursday, August 1st. Raymond James upped their price target on shares of Qorvo from $115.00 to $135.00 and gave the stock an outperform rating in a research report on Wednesday, July 31st. Finally, Piper Sandler restated a neutral rating and issued a $120.00 price objective (up previously from $105.00) on shares of Qorvo in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $121.00.

Qorvo Stock Performance

Qorvo stock opened at $103.17 on Monday. The firm has a market capitalization of $9.80 billion, a P/E ratio of -142.82, a P/E/G ratio of 1.28 and a beta of 1.46. The stock has a fifty day moving average price of $112.81 and a two-hundred day moving average price of $110.59. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

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

Insider Activity at Qorvo

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

Hedge Funds Weigh In On Qorvo

Several institutional investors have recently modified their holdings of QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo during the 2nd quarter worth approximately $29,000. Park Place Capital Corp boosted its position in shares of Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc increased its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares in the last quarter. Finally, New Millennium Group LLC acquired a new stake in Qorvo during the 2nd quarter worth $34,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.