Qorvo, Inc. (NASDAQ:QRVO) Given Consensus Rating of “Hold” by Brokerages

Qorvo, Inc. (NASDAQ:QRVO) has earned an average recommendation of “Hold” from the seventeen analysts that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $99.06.

A number of equities analysts have commented on the stock. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Barclays decreased their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Susquehanna decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Finally, Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th.

Qorvo Stock Down 1.9 %

NASDAQ:QRVO opened at $71.69 on Friday. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of -49.10, a price-to-earnings-growth ratio of 5.58 and a beta of 1.40. 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 twelve month low of $64.54 and a twelve month high of $130.99. The stock’s 50 day moving average price is $69.72 and its two-hundred day moving average price is $95.11.

Qorvo (NASDAQ:QRVO) last posted 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 firm had revenue of $1.05 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 earnings per share. Equities research analysts expect that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

A number of institutional investors have recently added to or reduced their stakes in QRVO. Pacer Advisors Inc. raised its position in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Vulcan Value Partners LLC raised its holdings in Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after buying an additional 550,111 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after buying an additional 487,621 shares during the period. Caxton Associates LP bought a new stake in Qorvo during the 2nd quarter worth approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. increased its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after acquiring an additional 236,590 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.