Qorvo (NASDAQ:QRVO) Now Covered by Analysts at Loop Capital

Analysts at Loop Capital assumed coverage on shares of Qorvo (NASDAQ:QRVO) in a report issued on Monday, Marketbeat.com reports. The firm set a “hold” rating and a $73.00 price target on the semiconductor company’s stock. Loop Capital’s price target suggests a potential upside of 8.52% from the stock’s current price.

A number of other brokerages have also recently weighed in on QRVO. Bank of America dropped their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Needham & Company LLC began coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 target price on the stock. UBS Group lowered their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Rosenblatt Securities lifted their price objective on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley cut shares of 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 report on Friday, October 11th. Two research 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.88.

Qorvo Stock Performance

QRVO stock opened at $67.27 on Monday. The stock’s 50 day simple moving average is $96.45 and its 200 day simple moving average is $105.22. Qorvo has a 12-month low of $67.16 and a 12-month high of $130.99. The firm has a market cap of $6.36 billion, a P/E ratio of -46.08, a P/E/G ratio of 5.64 and a beta of 1.49. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

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 analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.99 EPS. As a group, equities research analysts predict that Qorvo will post 3.37 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Qorvo during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares during the period. New Millennium Group LLC purchased a new position in Qorvo in the 2nd quarter worth about $34,000. Finally, Larson Financial Group LLC raised its holdings in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares during the period. Institutional investors and hedge funds 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.