Qorvo (NASDAQ:QRVO) Stock Rating Lowered by StockNews.com

Qorvo (NASDAQ:QRVO) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Several other equities analysts have also commented on the company. Piper Sandler lowered their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Needham & Company LLC initiated coverage on Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price for the company. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a “buy” 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 target price for the company. in a research report on Wednesday, October 30th. Finally, Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Two equities research 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. According to MarketBeat, Qorvo has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Stock Down 3.5 %

Shares of Qorvo stock opened at $68.50 on Tuesday. 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 firm has a market cap of $6.48 billion, a P/E ratio of -46.92, a P/E/G ratio of 5.58 and a beta of 1.42. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The business has a 50-day moving average price of $79.04 and a 200 day moving average price of $99.69.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating 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 positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.99 earnings per share. On average, sell-side analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Hedge funds have recently modified their holdings of the company. New Millennium Group LLC acquired a new stake in shares of Qorvo during the second quarter worth approximately $34,000. Larson Financial Group LLC increased its holdings in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares in the last quarter. Blue Trust Inc. raised its position in Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Qorvo in the 3rd quarter worth approximately $41,000. Finally, Farther Finance Advisors LLC raised its position in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during 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.