Qorvo, Inc. (NASDAQ:QRVO) Receives Average Recommendation of “Hold” from Brokerages

Qorvo, Inc. (NASDAQ:QRVO) has been assigned an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $102.88.

QRVO has been the topic of several analyst reports. Loop Capital began coverage on shares of Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. Bank of America cut their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Barclays lowered their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th. Finally, TD Cowen lowered their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th.

Qorvo Stock Up 0.9 %

Shares of Qorvo stock opened at $70.95 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo has a 12-month low of $64.54 and a 12-month high of $130.99. The firm has a market capitalization of $6.71 billion, a PE ratio of -48.60, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42. The stock’s fifty day moving average is $79.63 and its 200-day moving average is $99.88.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share 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 company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.99 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. Equities analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently added to or reduced their stakes in the stock. New Millennium Group LLC purchased a new stake in shares of Qorvo during the 2nd quarter valued at $34,000. Larson Financial Group LLC grew its position in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares in the last quarter. Blue Trust Inc. grew its position 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 purchasing an additional 244 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Qorvo in the third quarter worth approximately $41,000. Finally, Farther Finance Advisors LLC raised its position in Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares in 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.