Qorvo (NASDAQ:QRVO) Cut to Neutral at BNP Paribas

BNP Paribas lowered shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a neutral rating in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has $80.00 price target on the semiconductor company’s stock.

Other analysts have also recently issued research reports about the stock. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. Barclays reduced their price objective on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Finally, Susquehanna reduced their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Stock Up 0.8 %

Shares of NASDAQ:QRVO opened at $71.86 on Wednesday. The company has a fifty day moving average of $102.41 and a 200-day moving average of $107.22. The company has a market capitalization of $6.79 billion, a PE ratio of -49.22, a price-to-earnings-growth ratio of 3.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90. Qorvo has a 52-week low of $70.39 and a 52-week high of $130.99.

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

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its holdings in shares of Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after purchasing an additional 93,068 shares during the period. Vulcan Value Partners LLC raised its holdings in shares of Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after acquiring an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after acquiring an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after acquiring an additional 160,534 shares during the last quarter. Institutional investors and hedge funds 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.