Qorvo (NASDAQ:QRVO) Coverage Initiated at Loop Capital

Loop Capital started coverage on shares of Qorvo (NASDAQ:QRVO) in a research note released on Monday, Marketbeat Ratings reports. The firm issued a hold rating and a $73.00 price target on the semiconductor company’s stock.

Several other research firms have also commented on QRVO. The Goldman Sachs Group lifted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Susquehanna lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. UBS Group lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.88.

Qorvo Stock Down 2.5 %

NASDAQ QRVO opened at $65.60 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average of $95.59 and a two-hundred day moving average of $104.94. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of -44.93, a PEG ratio of 5.39 and a beta of 1.49. Qorvo has a 52 week low of $65.35 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. Qorvo’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.99 earnings per share. On average, analysts predict that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’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 transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

Large investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo in the second quarter worth about $29,000. EverSource Wealth Advisors LLC raised its holdings in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc raised its holdings in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares in the last quarter. Larson Financial Group LLC raised its holdings in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares in the last quarter. Finally, New Millennium Group LLC bought a new position in Qorvo in the second quarter worth about $34,000. 88.57% of the stock is currently owned by institutional investors.

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.