Qorvo (NASDAQ:QRVO) Rating Lowered to Hold at StockNews.com

Qorvo (NASDAQ:QRVO) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Several other equities analysts have also recently issued reports on QRVO. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Wednesday, October 30th. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Benchmark cut Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. UBS Group reduced their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Performance

QRVO opened at $70.30 on Tuesday. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.65 billion, a P/E ratio of -48.15, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42. The firm’s 50-day moving average price is $79.63 and its 200-day moving average price is $99.88.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 EPS. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

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 transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Oddo BHF Asset Management Sas bought a new position in Qorvo during the 3rd quarter worth approximately $1,616,000. Franklin Resources Inc. lifted its holdings in shares of Qorvo by 43.2% in the 3rd quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock worth $5,523,000 after purchasing an additional 15,925 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Qorvo by 188.1% in the 3rd quarter. Tidal Investments LLC now owns 37,729 shares of the semiconductor company’s stock worth $3,897,000 after purchasing an additional 24,635 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Qorvo in the 3rd quarter worth approximately $200,000. Finally, Virtu Financial LLC bought a new stake in shares of Qorvo in the 3rd quarter worth approximately $1,211,000. 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.