Morgan Stanley Downgrades Qorvo (NASDAQ:QRVO) to Equal Weight

Qorvo (NASDAQ:QRVO) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $120.00 target price on the semiconductor company’s stock, down from their prior target price of $130.00. Morgan Stanley’s price target would suggest a potential upside of 17.84% from the stock’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler reaffirmed a “neutral” rating and issued a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Susquehanna cut their price target on shares of Qorvo from $145.00 to $135.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Craig Hallum increased their price objective on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $122.71.

Qorvo Stock Performance

QRVO opened at $101.83 on Friday. Qorvo has a twelve month low of $80.62 and a twelve month high of $130.99. The firm has a market capitalization of $9.68 billion, a PE ratio of -139.49, a PEG ratio of 1.24 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $106.30 and its 200 day moving average price is $109.07.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $886.70 million for the quarter, compared to analysts’ expectations of $851.95 million. During the same period in the previous year, the firm posted $0.03 EPS. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. As a group, sell-side 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 firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FIL Ltd boosted its holdings 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 purchasing an additional 120,213 shares during the period. Beacon Financial Group purchased a new position in shares of Qorvo in the 4th quarter valued at about $206,000. Integrated Advisors Network LLC acquired a new position in shares of Qorvo during the fourth quarter worth about $655,000. Royal London Asset Management Ltd. increased its stake in shares of Qorvo by 5.1% during the fourth quarter. Royal London Asset Management Ltd. now owns 36,035 shares of the semiconductor company’s stock worth $4,058,000 after buying an additional 1,760 shares during the period. Finally, Richardson Financial Services Inc. acquired a new stake in Qorvo in the fourth quarter valued at approximately $463,000. Hedge funds and other institutional investors 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.