Qorvo (QRVO) Earns Buy Rating from Analysts at Loop Capital

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Loop Capital initiated coverage on shares of Qorvo (NASDAQ:QRVO) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $95.00 price objective on the semiconductor company’s stock.

Several other research firms also recently commented on QRVO. Barclays upgraded shares of Qorvo from an equal weight rating to an overweight rating and set a $87.00 target price on the stock in a research report on Tuesday, May 1st. JPMorgan Chase & Co. set a $92.00 price target on shares of Qorvo and gave the stock a buy rating in a report on Friday, March 16th. Needham & Company LLC restated a buy rating and set a $85.00 price target on shares of Qorvo in a report on Thursday, May 3rd. Nomura lowered shares of Qorvo from a buy rating to a neutral rating and lowered their price target for the stock from $85.00 to $75.00 in a report on Tuesday, March 20th. Finally, Morgan Stanley lowered their price target on shares of Qorvo from $74.00 to $72.00 and set an equal weight rating for the company in a report on Monday, April 30th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $83.05.

NASDAQ:QRVO opened at $82.05 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.11 and a current ratio of 4.18. Qorvo has a one year low of $62.68 and a one year high of $86.84. The company has a market cap of $10.40 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.34 and a beta of 1.00.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, May 2nd. The semiconductor company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.05 by $0.02. Qorvo had a negative net margin of 1.35% and a positive return on equity of 12.50%. The business had revenue of $665.40 million for the quarter, compared to the consensus estimate of $655.67 million. During the same period last year, the company earned $0.85 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. analysts expect that Qorvo will post 5.14 earnings per share for the current fiscal year.

In other news, insider Robert A. Bruggeworth sold 27,434 shares of Qorvo stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $80.02, for a total value of $2,195,268.68. Following the completion of the sale, the insider now owns 238,197 shares in the company, valued at approximately $19,060,523.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel A. Dileo sold 1,625 shares of Qorvo stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $80.75, for a total transaction of $131,218.75. The disclosure for this sale can be found here. Insiders sold a total of 60,404 shares of company stock valued at $4,798,110 in the last quarter. 0.91% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in QRVO. Iridian Asset Management LLC CT bought a new stake in Qorvo during the 1st quarter valued at $87,009,000. Manning & Napier Group LLC increased its stake in Qorvo by 29.7% during the 1st quarter. Manning & Napier Group LLC now owns 4,054,232 shares of the semiconductor company’s stock valued at $285,619,000 after purchasing an additional 927,978 shares in the last quarter. Robecosam AG increased its stake in Qorvo by 201.9% during the 1st quarter. Robecosam AG now owns 800,000 shares of the semiconductor company’s stock valued at $56,360,000 after purchasing an additional 535,000 shares in the last quarter. Guggenheim Capital LLC increased its stake in Qorvo by 63.9% during the 4th quarter. Guggenheim Capital LLC now owns 1,339,659 shares of the semiconductor company’s stock valued at $89,223,000 after purchasing an additional 522,526 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Qorvo by 75.8% during the 1st quarter. JPMorgan Chase & Co. now owns 923,964 shares of the semiconductor company’s stock valued at $65,093,000 after purchasing an additional 398,463 shares in the last quarter. Institutional investors own 97.51% of the company’s stock.

Qorvo Company Profile

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 (PA), low noise amplifiers, 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.

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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