Qorvo (NASDAQ:QRVO) Cut to Hold at Benchmark

Qorvo (NASDAQ:QRVO) was downgraded by investment analysts at Benchmark from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Briefing.com reports.

Other equities research analysts have also issued research reports about the stock. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday. Barclays cut their price objective on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. TD Cowen upgraded shares of Qorvo to a “hold” rating in a research note on Monday, September 16th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. raised their target price on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $114.53.

Qorvo Price Performance

Shares of QRVO stock opened at $100.48 on Wednesday. The firm has a fifty day moving average of $104.86 and a two-hundred day moving average of $107.98. The firm has a market cap of $9.55 billion, a P/E ratio of -137.64, a P/E/G ratio of 1.20 and a beta of 1.45. Qorvo has a 1-year low of $80.62 and a 1-year high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the firm earned $1.99 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Qorvo during the second quarter worth $29,000. Park Place Capital Corp lifted its holdings in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc lifted 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 acquiring an additional 280 shares during the last quarter. Finally, New Millennium Group LLC acquired a new stake in Qorvo in the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

About Qorvo

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.