Qorvo (NASDAQ:QRVO) Shares Up 7.6% - Time to Buy?

Qorvo, Inc. (NASDAQ:QRVO) saw its shares increase by 7.6% during the trading session on Friday. The stock peaked at $76.62 before closing slightly lower at $76.59. In total, 1,939,275 shares were traded on that day, which is a significant drop of 34% from the average trading volume of 2,931,389 shares. The previous closing price for Qorvo was $71.20.

Recent Analyst Ratings

Several analysts have shared their views on Qorvo's stock recently. Needham & Company LLC reiterated a "buy" rating, setting a target price of $100.00 for the shares. Meanwhile, The Goldman Sachs Group lowered their target price from $99.00 to $78.00, maintaining a "neutral" rating. Benchmark also kept a "hold" rating in a recent assessment. In contrast, Morgan Stanley upgraded Qorvo from "equal weight" to "overweight," raising their target price from $90.00 to $106.00. Similarly, Piper Sandler elevated Qorvo from a "neutral" to an "overweight" rating and increased their target price from $85.00 to $110.00. Currently, three analysts recommend selling the stock, twelve suggest holding, and five are in favor of buying. According to data from MarketBeat, Qorvo has an average rating of "Hold" with a consensus target price of $95.84.

Company Financials and Performance Metrics

Qorvo has a solid financial foundation, reflected in its current ratio of 2.60 and a quick ratio of 1.78. The company's debt-to-equity ratio stands at 0.46. With a market capitalization of $7.17 billion, it has a P/E ratio of 274.12 and a price-to-earnings-growth ratio of 15.57. The stock's beta value is 1.48, indicating a degree of volatility compared to the market. Currently, Qorvo's 50-day moving average price is $76.98, while the 200-day moving average price sits at $84.95.

Institutional Investments in Qorvo

Institutional investors have been active in trading Qorvo shares. Farther Finance Advisors LLC increased its stake by 33.7% in the third quarter, now owning 413 shares valued at $43,000. Verdence Capital Advisors LLC enhanced their position by 3.7% during the same period, holding 3,884 shares worth $401,000 after buying additional shares. Alexander Randolph Advisory Inc. grew its holdings by 1.0% in the fourth quarter, owning 13,592 shares valued at $950,000. Huntington National Bank sharply raised its stake by 47.1%, now owning 453 shares worth $32,000. Lastly, Martingale Asset Management LP added to its holdings by 1.0%, now possessing 19,061 shares valued at $1,969,000. Collectively, institutional and hedge fund investors own approximately 88.57% of Qorvo's stock.

About Qorvo, Inc.

Qorvo, Inc. specializes in developing and commercializing technology and products across wireless, wired, and power markets. The company operates through three main segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment provides radio frequency and power management solutions for various industries, including automotive, defense, aerospace, cellular infrastructure, and broadband.

Conclusion

With analysts mixed on their ratings but overall positive market movement, potential investors may find Qorvo worth considering. However, it’s important for individual investors to research thoroughly before making investment decisions.

Qorvo, Stocks, Trade