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

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

Several other analysts have also recently issued reports on the company. TD Cowen dropped their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. UBS Group decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Bank of America decreased their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Stock Down 3.5 %

Shares of QRVO opened at $68.50 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo has a one year low of $64.54 and a one year high of $130.99. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of -46.92, a PEG ratio of 5.58 and a beta of 1.42. The stock has a 50 day moving average price of $79.04 and a 200 day moving average price of $99.69.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (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 analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.99 EPS. Equities research 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 stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Trading of Qorvo

Several hedge funds have recently modified their holdings of QRVO. New Millennium Group LLC acquired a new position in Qorvo during the second quarter worth $34,000. Larson Financial Group LLC raised its holdings in Qorvo by 163.4% during 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 during the last quarter. Blue Trust Inc. raised its holdings in Qorvo by 241.6% during the second 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 purchased a new position in Qorvo during the third quarter worth $41,000. Finally, Farther Finance Advisors LLC increased its position in Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares in the last quarter. 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.