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

StockNews.com cut shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a research report report published on Tuesday.

Several other equities analysts have also commented on QRVO. Loop Capital assumed coverage on Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 target price for the company. Piper Sandler lowered their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Barclays lowered their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Wednesday, October 30th. Finally, TD Cowen decreased their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $102.88.

Qorvo Stock Performance

NASDAQ QRVO opened at $70.95 on Tuesday. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of -48.60, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42. The business has a fifty day moving average of $79.63 and a 200-day moving average of $99.88. 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 (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 earnings per share. As a group, analysts predict that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In related 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 sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several large investors have recently added to or reduced their stakes in the business. Vulcan Value Partners LLC boosted its stake 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 valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Qorvo by 7.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after acquiring an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 acquiring an additional 4,386 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of 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 acquiring an additional 487,621 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of 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 acquiring an additional 160,534 shares in the last quarter. 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.