Qorvo (NASDAQ:QRVO) Upgraded at JPMorgan Chase & Co.

Qorvo (NASDAQ:QRVO) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Tuesday,Finviz reports. The brokerage currently has a $105.00 price objective on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.20% from the company’s previous close.

QRVO has been the subject of a number of other reports. Barclays upped their price target on Qorvo from $70.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 30th. TD Cowen lifted their price target on shares of Qorvo from $80.00 to $95.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Cfra Research upgraded Qorvo to a “hold” rating in a report on Tuesday, October 28th. Stifel Nicolaus set a $88.00 price target on Qorvo and gave the stock a “hold” rating in a report on Wednesday, July 30th. Finally, Loop Capital increased their target price on Qorvo from $75.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $100.80.

Qorvo Price Performance

Shares of QRVO stock opened at $93.58 on Tuesday. Qorvo has a 52-week low of $49.46 and a 52-week high of $106.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The stock has a market cap of $8.67 billion, a PE ratio of 40.51, a PEG ratio of 1.81 and a beta of 1.44. The firm’s 50 day moving average price is $91.33 and its two-hundred day moving average price is $84.41.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, November 4th. The semiconductor company reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a return on equity of 13.40% and a net margin of 5.95%.During the same period in the prior year, the firm earned $1.88 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, analysts forecast that Qorvo will post 4.09 EPS for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $95.00, for a total transaction of $1,293,140.00. Following the completion of the transaction, the senior vice president owned 54,558 shares of the company’s stock, valued at $5,183,010. This represents a 19.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. bought a new position in shares of Qorvo in the first quarter valued at $168,980,000. Contour Asset Management LLC acquired a new stake in Qorvo in the first quarter valued at $151,698,000. Norges Bank acquired a new stake in Qorvo in the second quarter valued at $153,994,000. LSV Asset Management grew its position in shares of Qorvo by 118.0% in the 2nd quarter. LSV Asset Management now owns 1,382,970 shares of the semiconductor company’s stock valued at $117,428,000 after acquiring an additional 748,589 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Qorvo by 2,096.5% during 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 during the last quarter. Institutional investors and hedge funds 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.