Qorvo Received its Third Buy in a Row

By George MacDonald

According to The Fly, after Drexel Hamilton and BMO Capital assigned a Buy rating to Qorvo in the last month, the company received another Buy, this time from Brean Capital. Analyst Mike Burton reiterated a Buy rating on Qorvo (NASDAQ: QRVO) yesterday and set a price target of $62. The company’s shares closed yesterday at $55.12.

According to TipRanks.com, Burton is a 5-star analyst with an average return of 13.6% and a 63.9% success rate. Burton covers the Technology sector, focusing on stocks such as Integrated Device Tech, Triquint Semiconductor, and Himax Technologies.

Currently, the analyst consensus on Qorvo is Moderate Buy and the average price target is $63.55, representing a 15.3% upside.

In a report issued on July 19, BMO Capital also reiterated a Buy rating on the stock.

Based on Qorvo`s latest earnings report from March 31, the company posted quarterly revenue of $608.1M and quarterly net profit of -$24.2M. In comparison, last year the company earned revenue of $673.6M and had a net profit of $2.04M.

Based on the recent corporate insider activity of 78 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of QRVO in relation to earlier this year. Last month, Steven Creviston, a the VP and Pres. Mobile Products of QRVO bought 41,250 shares for a total of $1,014,750.

Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. The company operates through two segments: Mobile Products, Infrastructure and Defense Products. The Mobile Products segment supplies of RF solutions that perform various functions in the increasingly complex cellular radio front end section of smartphones and other cellular devices. The Infrastructure and Defense Products segment supplier of RF solutions that support diverse global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, rapid internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters, integrated modules, optical components, oscillators, passives and switches. The company was founded on December 13, 2013 and is headquartered in Greensboro, NC.