Qorvo (NASDAQ:QRVO) Cut to “Market Perform” at Raymond James

Raymond James lowered shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday morning, Marketbeat reports.

Several other research analysts have also recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Susquehanna decreased their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, October 21st. TD Cowen raised shares of Qorvo to a “hold” rating in a report on Monday, September 16th. Finally, Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 target price for the company. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Up 0.8 %

Shares of Qorvo stock opened at $71.86 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90. The stock 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. Qorvo has a 52-week low of $70.39 and a 52-week high of $130.99. The company has a 50-day simple moving average of $102.41 and a two-hundred day simple moving average of $107.22.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data 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 negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company earned $1.99 earnings per share. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. On average, analysts anticipate that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

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