StockNews.com Downgrades Qorvo (NASDAQ:QRVO) to Hold

Qorvo (NASDAQ:QRVO) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

A number of other equities research analysts have also commented on the company. Needham & Company LLC started coverage on Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target for the company. Susquehanna cut their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday. Craig Hallum dropped their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price target on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Qorvo currently has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Up 0.8 %

Shares of NASDAQ QRVO opened at $71.86 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.36 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.82 billion, a price-to-earnings ratio of -49.22, a PEG ratio of 0.88 and a beta of 1.45. Qorvo has a 12 month low of $70.39 and a 12 month high of $130.99. The stock has a 50-day moving average price of $103.28 and a two-hundred day moving average price of $107.48.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the business posted $1.99 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. As a group, analysts forecast that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several large investors have recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its stake in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the period. Versant Capital Management Inc grew its stake in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares during the period. New Millennium Group LLC purchased a new stake in Qorvo in the 2nd quarter worth approximately $34,000. Finally, Blue Trust Inc. grew its stake in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 244 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.