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

StockNews.com downgraded shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a research report released on Thursday.

Several other equities research analysts also recently commented on QRVO. Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday. TD Cowen decreased their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday. Bank of America cut their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC initiated coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price target on the stock. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $104.47.

Qorvo Trading Up 0.8 %

NASDAQ:QRVO opened at $71.86 on Thursday. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of -49.22, a PEG ratio of 3.98 and a beta of 1.49. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average price is $102.41 and its 200-day moving average price is $107.22. Qorvo has a 52 week low of $70.39 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion for 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 firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 EPS. On average, equities research analysts forecast that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Qorvo 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 transaction 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 ownership of the stock. 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 currently owned by insiders.

Institutional Investors Weigh In On Qorvo

A number of institutional investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Qorvo in the first quarter valued at about $227,000. Allspring Global Investments Holdings LLC lifted its holdings in Qorvo by 65.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after purchasing an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Qorvo by 0.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after purchasing an additional 1,437 shares during the period. Commonwealth Equity Services LLC grew its holdings in Qorvo by 2.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock valued at $1,040,000 after buying an additional 203 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Qorvo by 17.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,848 shares of the semiconductor company’s stock valued at $12,565,000 after buying an additional 16,812 shares during the last quarter. Hedge funds and other 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.