Qorvo (NASDAQ:QRVO) Cut to “Market Perform” at Raymond James

Raymond James cut shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports.

QRVO has been the topic of several other reports. JPMorgan Chase & Co. increased their price target on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Barclays decreased their target price on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. BNP Paribas cut shares of 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. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target for the company. Finally, TD Cowen raised shares of Qorvo to a “hold” rating in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Performance

Shares of QRVO opened at $71.86 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. Qorvo has a one year low of $70.39 and a one year high of $130.99. The firm has a market capitalization of $6.82 billion, a P/E ratio of -49.22, a PEG ratio of 0.88 and a beta of 1.45. The business has a fifty day moving average of $103.28 and a 200 day moving average of $107.48.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data 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 business had revenue of $1.05 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $1.99 earnings per share. As a group, sell-side analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Large investors have recently added to or reduced their stakes in the business. Atria Investments Inc boosted its stake in shares of Qorvo by 12.8% during the 3rd quarter. Atria Investments Inc now owns 2,584 shares of the semiconductor company’s stock worth $267,000 after purchasing an additional 293 shares during the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock worth $401,000 after acquiring an additional 140 shares during the period. SpiderRock Advisors LLC lifted its holdings in shares of Qorvo by 5.4% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,059 shares of the semiconductor company’s stock worth $523,000 after acquiring an additional 259 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Qorvo during the 3rd quarter worth about $2,621,000. Finally, Fiera Capital Corp purchased a new position in shares of Qorvo during the 3rd quarter worth about $433,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.