StockNews.com Downgrades Qorvo (NASDAQ:QRVO) to Hold

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 Tuesday.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price objective on shares of Qorvo in a research report on Wednesday, June 12th. The Goldman Sachs Group cut their price target on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Benchmark cut their price target on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Susquehanna cut their price target on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $110.83.

Qorvo Trading Down 1.4 %

Shares of QRVO opened at $113.84 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $121.65. The stock has a market capitalization of $10.89 billion, a PE ratio of -155.95, a P/E/G ratio of 1.11 and a beta of 1.44. The company’s fifty day moving average is $104.35 and its 200 day moving average is $108.55.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. The business’s revenue was up 48.7% compared to the same quarter last year. Sell-side analysts expect that Qorvo will post 5.16 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 941 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at approximately $676,652. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director John R. Harding sold 941 shares of Qorvo stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at approximately $676,652. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value of $1,527,900.00. Following the transaction, the chief executive officer now owns 190,161 shares in the company, valued at approximately $19,016,100. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock valued at $4,517,858 in the last 90 days. 0.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently bought and sold shares of the company. Capital Research Global Investors boosted its stake in shares of Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after buying an additional 93,068 shares during the period. FIL Ltd lifted its stake in Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares during the last quarter. Boston Partners lifted its stake in Qorvo by 0.5% in the fourth quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after buying an additional 6,558 shares during the last quarter. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter valued at approximately $118,120,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Qorvo by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock valued at $103,159,000 after purchasing an additional 22,951 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.