Qorvo (NASDAQ:QRVO) Trading 3.8% Higher - Still a Buy?

Shares of Qorvo, Inc. (NASDAQ:QRVO) saw an increase of 3.8% on Tuesday, with the stock reaching a high of $75.50 before closing at $75.69. During the day, a total of 1,101,727 shares were traded, which is a drop of 42% compared to the average trading volume of 1,910,040 shares. Just the previous session, the stock had a closing price of $72.91.

Analyst Ratings Changes

Recent evaluations by analysts have varied for Qorvo stock. Mizuho adjusted their target price from $80.00 to $90.00 while assigning a "neutral" rating in a report dated January 24. Following that, Piper Sandler upgraded the stock from a "neutral" to an "overweight" rating, increasing their target price from $85.00 to $110.00 on January 27. Meanwhile, Stifel Nicolaus revised their price target down from $95.00 to $90.00, maintaining a "hold" rating, while Benchmark reaffirmed a "hold" rating in a similar timeframe. On the other hand, Citigroup decreased their target from $72.00 to $69.00, labeling the stock with a "sell" rating. Overall, three analysts have suggested a sell rating, twelve have recommended holding the stock, and five have rated it as a buy. The average rating for Qorvo stands at "Hold" with a target price of $95.84 according to data from MarketBeat.

Qorvo Stock Performance

The stock's recent performance shows a 50-day moving average of $77.16 and a 200-day moving average of $81.18. Qorvo holds a market capitalization of $7.06 billion, with a price-to-earnings ratio of 270.11 and a price-to-earnings growth (P/E/G) ratio of 15.57. Additionally, the company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78, and a current ratio of 2.60.

Hedge Funds and Qorvo

Recent reports indicate that several hedge funds have made adjustments to their positions in Qorvo. For instance, Ameriprise Financial Inc. increased its stake by 102.0% in the fourth quarter, holding now 3,597,546 shares valued at $251,577,000 following the purchase of 1,816,811 additional shares. Norges Bank also acquired a new stake in Qorvo valued at approximately $71,825,000 during the same quarter. Meanwhile, Amundi raised its holdings by 84.4%, totaling 2,143,858 shares worth $156,673,000 after buying an additional 981,519 shares. Wealthfront Advisers LLC significantly boosted their position in Qorvo by 8,535.6%, now owning 931,690 shares worth $65,153,000 after acquiring an extra 920,901 shares. Lastly, Vulcan Value Partners LLC raised their position by 53.7%, now holding 2,581,296 shares valued at $180,487,000. Currently, hedge funds and institutional investors collectively own 88.57% of the stock.

About Qorvo

Qorvo, Inc. is focused on developing and commercializing advanced technologies and products for wireless, wired, and power markets. The company operates through three primary segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment offers radio frequency and power management solutions tailored for various sectors including automotive, defense, aerospace, cellular infrastructure, and broadband.

Qorvo, Stock, Analysts