Qorvo (NASDAQ:QRVO) Downgraded to “Hold” Rating by StockNews.com

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

QRVO has been the subject of a number of other research reports. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Wednesday, October 30th. Craig Hallum dropped their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Barclays decreased their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. UBS Group dropped their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Susquehanna reduced their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $104.75.

Qorvo Stock Performance

NASDAQ:QRVO opened at $71.86 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90. The stock has a market capitalization of $6.79 billion, a PE ratio of -49.22, a P/E/G ratio of 3.98 and a beta of 1.49. Qorvo has a fifty-two week low of $70.39 and a fifty-two week high of $130.99. The company has a fifty day moving average of $102.41 and a two-hundred day moving average of $107.19.

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 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 firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, research analysts forecast that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Trading of Qorvo

Several hedge funds have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Qorvo in the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC raised its stake in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares in the last quarter. Versant Capital Management Inc raised its stake in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares in the last quarter. New Millennium Group LLC purchased a new stake in Qorvo during the 2nd quarter worth about $34,000. Finally, Blue Trust Inc. boosted its position in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 244 shares in the last quarter. Institutional investors and hedge funds 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.