Qorvo, Inc. (NASDAQ:QRVO) Cut to Buy at BidaskClub
Qorvo, Inc. (NASDAQ:QRVO) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Friday, June 16th.
Several other equities analysts have also weighed in on QRVO. J P Morgan Chase & Co reissued a “buy” rating on shares of Qorvo in a report on Saturday, April 1st. Citigroup Inc. set a $60.00 price target on Qorvo and gave the stock a “hold” rating in a report on Monday, February 27th. MKM Partners reaffirmed a “buy” rating and issued a $90.00 price target (up from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Cowen and Company reaffirmed a “market perform” rating and issued a $85.00 price target (up from $74.00) on shares of Qorvo in a report on Friday, May 26th. Finally, Raymond James Financial, Inc. initiated coverage on Qorvo in a research report on Friday, June 16th. They issued an “outperform” rating and a $87.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $70.00.
Qorvo (NASDAQ:QRVO) traded down 0.07% during mid-day trading on Friday, reaching $67.32. The company had a trading volume of 789,513 shares. The company’s 50-day moving average is $73.65 and its 200-day moving average is $66.60. The stock’s market capitalization is $8.56 billion. Qorvo has a one year low of $48.28 and a one year high of $79.34.
Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. Qorvo had a positive return on equity of 10.39% and a negative net margin of 0.55%. The company had revenue of $643 million during the quarter, compared to analyst estimates of $632.12 million. During the same period in the prior year, the company posted $1.04 earnings per share. Qorvo’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts anticipate that Qorvo will post $5.60 earnings per share for the current year.
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In other news, Director Roderick Nelson sold 2,000 shares of Qorvo stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $74.41, for a total transaction of $148,820.00. Following the completion of the transaction, the director now directly owns 5,907 shares in the company, valued at $439,539.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Bruggeworth sold 27,840 shares of Qorvo stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $77.87, for a total transaction of $2,167,900.80. Following the transaction, the insider now owns 238,682 shares of the company’s stock, valued at $18,586,167.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,586 shares of company stock worth $9,633,229. Insiders own 0.91% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. NEXT Financial Group Inc raised its position in shares of Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after buying an additional 49 shares during the last quarter. Amalgamated Bank raised its stake in shares of Qorvo by 0.7% in the first quarter. Amalgamated Bank now owns 9,040 shares of the semiconductor company’s stock worth $620,000 after buying an additional 64 shares in the last quarter. Comerica Bank raised its stake in shares of Qorvo by 0.3% in the first quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock worth $2,195,000 after buying an additional 91 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Qorvo by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 17,645 shares of the semiconductor company’s stock worth $1,208,000 after buying an additional 105 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Qorvo by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,422 shares of the semiconductor company’s stock worth $219,000 after buying an additional 155 shares in the last quarter. Institutional investors own 96.32% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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