Qorvo (NASDAQ:QRVO) Reaches New 12-Month Low After Analyst Downgrade

Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week low on Wednesday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $71.31 and last traded at $75.10, with a volume of 1904315 shares. The stock had previously closed at $100.48.

A number of other equities analysts have also commented on QRVO. Bank of America cut their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday. Barclays decreased their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday. Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $130.00 to $120.00 in a report on Friday, October 11th. Finally, The Goldman Sachs Group upped their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $104.47.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’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 directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its stake 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 lifted its holdings in Qorvo by 35.0% during the second 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 during the last quarter. Thrivent Financial for Lutherans boosted its position in Qorvo by 1,507.7% during the second quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock worth $40,349,000 after purchasing an additional 326,087 shares during the period. Caxton Associates LP bought a new stake in shares of Qorvo in the second quarter valued at approximately $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after buying an additional 272,872 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Stock Performance

The company’s fifty day moving average is $104.06 and its 200 day moving average is $107.74. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $6.77 billion, a P/E ratio of -97.62, a P/E/G ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data 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. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm posted $1.99 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities analysts anticipate that Qorvo, Inc. will post 4.84 earnings per share for the current year.

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.