Qorvo (NASDAQ:QRVO) Lowered to Hold Rating by Benchmark

Benchmark cut shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat reports.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their target price on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Barclays reduced their target price on Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Craig Hallum raised their target price on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Needham & Company LLC started coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price target for the company. Finally, The Goldman Sachs Group lifted their price target on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Two 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Performance

NASDAQ:QRVO opened at $71.86 on Wednesday. Qorvo has a 1-year low of $70.39 and a 1-year high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. The firm’s fifty day moving average price is $102.41 and its 200 day moving average price is $107.22. The firm has a market cap of $6.79 billion, a price-to-earnings ratio of -49.22, a price-to-earnings-growth ratio of 3.98 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company earned $1.99 earnings per share. Qorvo’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atria Investments Inc grew its holdings in Qorvo by 12.8% in the 3rd quarter. Atria Investments Inc now owns 2,584 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 293 shares during the period. Verdence Capital Advisors LLC grew its holdings in shares of Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after purchasing an additional 140 shares during the period. SpiderRock Advisors LLC grew its holdings in shares of Qorvo by 5.4% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,059 shares of the semiconductor company’s stock worth $523,000 after purchasing an additional 259 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of Qorvo during the 3rd quarter worth about $2,621,000. Finally, Fiera Capital Corp purchased a new stake in shares of Qorvo during the 3rd quarter worth about $433,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

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.