Argus Upgrades Qorvo (NASDAQ:QRVO) to Hold

Qorvo (NASDAQ:QRVO) was upgraded by Argus to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on QRVO. Piper Sandler cut shares of Qorvo from an “overweight” rating to a “hold” rating and set a $110.00 price target on the stock. in a report on Wednesday, October 29th. Susquehanna reaffirmed a “neutral” rating and issued a $95.00 price target (up from $90.00) on shares of Qorvo in a report on Wednesday, July 30th. Cfra reiterated a “hold” rating and set a $122.00 price objective on shares of Qorvo in a report on Tuesday, October 28th. Benchmark upped their target price on Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Qorvo in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $100.80.

Qorvo Stock Down 1.4%

Shares of NASDAQ QRVO traded down $1.22 during midday trading on Wednesday, reaching $85.90. 1,670,078 shares of the company’s stock traded hands, compared to its average volume of 2,278,506. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 37.19, a P/E/G ratio of 1.64 and a beta of 1.44. The stock’s 50 day simple moving average is $91.10 and its 200-day simple moving average is $84.67. The company has a quick ratio of 2.01, a current ratio of 2.95 and a debt-to-equity ratio of 0.44. Qorvo has a one year low of $49.46 and a one year high of $106.30.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, November 4th. The semiconductor company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a return on equity of 13.30% and a net margin of 5.95%.During the same quarter last year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, analysts predict that Qorvo will post 4.09 EPS for the current fiscal year.

Insider Activity at Qorvo

In related 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 value of $1,293,140.00. Following the sale, the senior vice president owned 54,558 shares in the company, valued at $5,183,010. This represents a 19.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC purchased a new position in Qorvo during the third quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $25,000. Winnow Wealth LLC purchased a new position in shares of Qorvo during the 3rd quarter valued at approximately $27,000. Salomon & Ludwin LLC acquired a new stake in Qorvo in the 3rd quarter valued at $34,000. Finally, Banque Transatlantique SA purchased a new stake in Qorvo in the 1st quarter worth $27,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

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.