Canaccord Genuity Reaffirms “Buy” Rating for Qorvo (QRVO)

Canaccord Genuity reaffirmed their buy rating on shares of Qorvo (NASDAQ:QRVO) in a report issued on Tuesday morning, The Fly reports. They currently have a $76.00 price objective on the semiconductor company’s stock, down from their previous price objective of $87.00.

Several other research firms also recently issued reports on QRVO. DA Davidson lifted their price target on Qorvo from $6.00 to $82.00 in a research note on Wednesday, May 8th. Mizuho lifted their price target on Qorvo from $71.00 to $75.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Raymond James boosted their target price on shares of Qorvo from $70.00 to $90.00 and gave the company an outperform rating in a research note on Wednesday, May 8th. Zacks Investment Research raised shares of Qorvo from a hold rating to a buy rating and set a $84.00 target price for the company in a research note on Wednesday, April 10th. Finally, Barclays reissued a buy rating and issued a $80.00 target price on shares of Qorvo in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $76.73.

NASDAQ:QRVO opened at $61.54 on Tuesday. The firm has a market cap of $7.52 billion, a PE ratio of 11.72, a PEG ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.87 and a quick ratio of 2.69. Qorvo has a 52-week low of $54.74 and a 52-week high of $86.50.

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

In other news, VP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 55,006 shares of the company’s stock, valued at approximately $3,788,263.22. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP James L. Klein sold 1,914 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $72.00, for a total transaction of $137,808.00. Following the transaction, the vice president now directly owns 53,859 shares of the company’s stock, valued at approximately $3,877,848. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,024 shares of company stock valued at $17,108,361. Corporate insiders own 0.85% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Resources Investment Advisors Inc. purchased a new stake in shares of Qorvo during the 4th quarter worth about $27,000. Ameritas Investment Corp purchased a new stake in shares of Qorvo during the 1st quarter worth about $30,000. CSat Investment Advisory L.P. grew its holdings in shares of Qorvo by 82.9% during the 4th quarter. CSat Investment Advisory L.P. now owns 534 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 242 shares during the period. Enlightenment Research LLC purchased a new stake in shares of Qorvo during the 4th quarter worth about $43,000. Finally, Lavaca Capital LLC purchased a new stake in shares of Qorvo during the 1st quarter worth about $45,000. 91.52% of the stock is owned by institutional investors.

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.

Further Reading: What is systematic risk?

The Fly

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.