Morgan Stanley Cuts Qorvo (NASDAQ:QRVO) Price Target to $115.00

Qorvo (NASDAQ:QRVO) had its price objective reduced by stock analysts at Morgan Stanley from $120.00 to $115.00 in a research note issued on Tuesday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective suggests a potential upside of 25.29% from the company’s current price.

QRVO has been the topic of a number of other reports. ValuEngine raised shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Bank of America raised their price target on shares of Qorvo from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Cowen restated an “outperform” rating and set a $140.00 price target (up previously from $125.00) on shares of Qorvo in a report on Thursday, January 30th. Wells Fargo & Co restated a “buy” rating on shares of Qorvo in a report on Monday. Finally, Mizuho raised their price target on shares of Qorvo from $125.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. Qorvo presently has a consensus rating of “Buy” and a consensus price target of $111.05.

Shares of QRVO stock traded up $1.84 during mid-day trading on Tuesday, hitting $91.79. 68,774 shares of the stock were exchanged, compared to its average volume of 2,180,818. The firm has a fifty day moving average of $104.84 and a 200 day moving average of $96.14. The company has a quick ratio of 3.23, a current ratio of 4.21 and a debt-to-equity ratio of 0.36. Qorvo has a 52-week low of $58.52 and a 52-week high of $122.37. The company has a market cap of $10.92 billion, a PE ratio of 31.99, a price-to-earnings-growth ratio of 1.50 and a beta of 1.26.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, January 29th. The semiconductor company reported $1.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.40. The firm had revenue of $869.10 million for the quarter, compared to analyst estimates of $852.62 million. Qorvo had a net margin of 11.03% and a return on equity of 14.97%. Qorvo’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company posted $1.85 EPS. Equities analysts predict that Qorvo will post 5.39 EPS for the current year.

In other news, VP James L. Klein sold 1,906 shares of Qorvo stock in a transaction on Monday, December 16th. The shares were sold at an average price of $114.76, for a total transaction of $218,732.56. Following the completion of the sale, the vice president now directly owns 45,759 shares of the company’s stock, valued at approximately $5,251,302.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.71% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in QRVO. Amundi Pioneer Asset Management Inc. lifted its position in shares of Qorvo by 46.6% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock worth $6,244,000 after purchasing an additional 27,692 shares during the last quarter. BB&T Securities LLC raised its stake in Qorvo by 6.1% during the 3rd quarter. BB&T Securities LLC now owns 4,443 shares of the semiconductor company’s stock worth $347,000 after acquiring an additional 254 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Qorvo by 7.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 8,413 shares of the semiconductor company’s stock worth $623,000 after acquiring an additional 581 shares in the last quarter. First Trust Advisors LP raised its stake in Qorvo by 100.3% during the 3rd quarter. First Trust Advisors LP now owns 332,955 shares of the semiconductor company’s stock worth $24,685,000 after acquiring an additional 166,764 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Qorvo by 829.6% during the 3rd quarter. SG Americas Securities LLC now owns 31,346 shares of the semiconductor company’s stock worth $2,324,000 after acquiring an additional 27,974 shares in the last quarter. 90.29% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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