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

Qorvo (NASDAQ:QRVO) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

A number of other research analysts have also issued reports on QRVO. Craig Hallum reduced their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Piper Sandler cut their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Rosenblatt Securities upped their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a report on Wednesday. Finally, UBS Group reduced 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. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Performance

Shares of Qorvo stock traded down $1.78 during trading hours on Thursday, reaching $71.26. The company’s stock had a trading volume of 4,446,641 shares, compared to its average volume of 1,408,847. Qorvo has a one year low of $70.39 and a one year high of $130.99. The company’s 50 day simple moving average is $104.06 and its 200 day simple moving average is $107.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The stock has a market cap of $6.77 billion, a P/E ratio of -97.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data 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 0.66% and a positive return on equity of 14.92%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $1.99 earnings per share. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, analysts expect that Qorvo will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of the company’s 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 sale, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by insiders.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Qorvo in the second quarter worth approximately $29,000. EverSource Wealth Advisors LLC grew its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Qorvo by 9,333.3% during 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 during the period. New Millennium Group LLC purchased a new stake in shares of Qorvo during the second quarter valued at $34,000. Finally, Blue Trust Inc. boosted its position in shares of Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 244 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

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.