Qorvo (NASDAQ:QRVO) Trading Up 6.4% – Still a Buy?

Qorvo, Inc. (NASDAQ:QRVO)’s stock price rose 6.4% on Thursday . The company traded as high as $110.80 and last traded at $112.0270. 485,027 shares traded hands during trading, a decline of 61% from the average session volume of 1,247,378 shares. The stock had previously closed at $105.24.

Analyst Upgrades and Downgrades

QRVO has been the topic of several recent analyst reports. TD Cowen reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. Citigroup reduced their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, July 29th. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. UBS Group lifted their price objective on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $94.00.

Qorvo Price Performance

The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 1.84 and a beta of 1.45. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The stock’s 50-day moving average price is $92.78 and its 200 day moving average price is $89.95.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business had revenue of $784.79 million for the quarter, compared to analysts’ expectations of $743.28 million. During the same period in the previous year, the firm posted $0.92 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts expect that Qorvo, Inc. will post 6.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president directly owned 76,960 shares in the company, valued at approximately $7,696,000. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Frank P. Stewart sold 8,279 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $94.72, for a total value of $784,186.88. Following the completion of the transaction, the senior vice president owned 43,069 shares of the company’s stock, valued at $4,079,495.68. The trade was a 16.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 54,999 shares of company stock worth $5,458,714. 0.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Several large investors have recently modified their holdings of the business. Fred Alger Management LLC grew its holdings in shares of Qorvo by 5.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock worth $290,000 after purchasing an additional 160 shares during the period. Wedmont Private Capital raised its stake in shares of Qorvo by 1.6% in the 2nd quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company’s stock valued at $879,000 after acquiring an additional 162 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Qorvo by 4.4% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company’s stock worth $306,000 after acquiring an additional 167 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Qorvo by 14.6% during the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.