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

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

QRVO has been the topic of a number of other reports. Susquehanna cut their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. UBS Group dropped their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. TD Cowen dropped their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Finally, BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Up 1.0 %

QRVO opened at $70.30 on Tuesday. The stock’s fifty day moving average is $79.63 and its 200-day moving average is $99.88. The company has a market capitalization of $6.65 billion, a PE ratio of -48.15, a P/E/G ratio of 5.58 and a beta of 1.42. 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.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.99 earnings per share. On average, equities analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. New Millennium Group LLC bought a new position in Qorvo in the 2nd quarter valued at $34,000. Larson Financial Group LLC boosted its position in shares of Qorvo by 163.4% in the 3rd 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. 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 worth $40,000 after purchasing an additional 244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Qorvo in the 3rd quarter worth $41,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

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.