Qorvo (QRVO) Receives “Buy” Rating from Barclays

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Barclays reiterated their buy rating on shares of Qorvo (NASDAQ:QRVO) in a research report sent to investors on Thursday, AnalystRatings.com reports. They currently have a $70.00 price objective on the semiconductor company’s stock.

Several other brokerages also recently issued reports on QRVO. DA Davidson lifted their price target on shares of Qorvo from $6.00 to $82.00 in a report on Wednesday, May 8th. Mizuho lifted their price target on shares of Qorvo from $71.00 to $75.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Raymond James lifted their price target on shares of Qorvo from $70.00 to $90.00 and gave the company an outperform rating in a report on Wednesday, May 8th. Zacks Investment Research raised shares of Qorvo from a hold rating to a buy rating and set a $84.00 price target for the company in a report on Wednesday, April 10th. Finally, Canaccord Genuity raised shares of Qorvo from a hold rating to a buy rating and lifted their price target for the company from $70.00 to $87.00 in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $75.95.

Shares of Qorvo stock traded up $1.02 during trading on Thursday, hitting $61.68. 782,302 shares of the company’s stock traded hands, compared to its average volume of 1,442,671. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 3.87. Qorvo has a twelve month low of $54.74 and a twelve month high of $86.50. The firm has a market cap of $7.23 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 1.05 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The firm had revenue of $680.88 million during the quarter, compared to the consensus estimate of $670.59 million. During the same period last year, the firm posted $1.07 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts forecast that Qorvo will post 5.13 earnings per share for the current fiscal year.

In other news, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $68.87, for a total transaction of $206,610.00. Following the completion of the sale, the vice president now owns 55,006 shares in the company, valued at approximately $3,788,263.22. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ralph Quinsey sold 209,349 shares of Qorvo stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $69.01, for a total transaction of $14,447,174.49. Following the sale, the director now owns 84,242 shares of the company’s stock, valued at approximately $5,813,540.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,024 shares of company stock valued at $17,108,361. Insiders own 0.85% of the company’s stock.

Several large investors have recently modified their holdings of the company. Campbell Newman Asset Management Inc. grew its position in shares of Qorvo by 3.6% during the 1st quarter. Campbell Newman Asset Management Inc. now owns 3,990 shares of the semiconductor company’s stock worth $286,000 after buying an additional 139 shares during the period. ETF Managers Group LLC grew its position in shares of Qorvo by 7.9% during the 1st quarter. ETF Managers Group LLC now owns 2,031 shares of the semiconductor company’s stock worth $146,000 after buying an additional 149 shares during the period. Metropolitan Life Insurance Co. NY grew its position in shares of Qorvo by 0.9% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 18,140 shares of the semiconductor company’s stock worth $1,102,000 after buying an additional 161 shares during the period. Cerity Partners LLC grew its position in shares of Qorvo by 0.5% during the 1st quarter. Cerity Partners LLC now owns 35,017 shares of the semiconductor company’s stock worth $2,512,000 after buying an additional 163 shares during the period. Finally, Diversified Trust Co grew its position in shares of Qorvo by 4.0% during the 1st quarter. Diversified Trust Co now owns 4,507 shares of the semiconductor company’s stock worth $323,000 after buying an additional 172 shares during the period. Institutional investors own 92.52% of the company’s stock.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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