Piper Sandler Upgrades Qorvo (NASDAQ:QRVO) to “Overweight”

Qorvo (NASDAQ:QRVO) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Monday, Marketbeat reports. The brokerage currently has a $110.00 price target on the semiconductor company’s stock, up from their prior price target of $85.00. Piper Sandler’s price objective points to a potential upside of 23.68% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Loop Capital started coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective on the stock. Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Finally, Barclays reduced their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Qorvo currently has a consensus rating of “Hold” and an average target price of $98.82.

Qorvo Stock Down 1.8 %

QRVO stock opened at $88.94 on Monday. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The company’s 50 day moving average price is $72.18 and its 200 day moving average price is $92.38. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -60.92, a PEG ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 EPS. On average, equities research analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several hedge funds have recently bought and sold shares of QRVO. Larson Financial Group LLC lifted its stake in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Qorvo in the third quarter valued at $41,000. Versant Capital Management Inc boosted its stake in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 286 shares during the last quarter. Farther Finance Advisors LLC increased its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares in the last quarter. Finally, CENTRAL TRUST Co raised its stake in Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 734 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.