Qorvo (NASDAQ:QRVO) Shares Gap Down to $107.65

Shares of Qorvo, Inc. (NASDAQ:QRVO) gapped down before the market opened on Monday . The stock had previously closed at $107.65, but opened at $104.70. Qorvo shares last traded at $99.82, with a volume of 241,842 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on QRVO shares. Raymond James increased their price objective on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Barclays boosted their price objective on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Rosenblatt Securities upped their price objective on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $121.00.

Qorvo Stock Up 0.0 %

The business’s 50 day simple moving average is $113.32 and its 200 day simple moving average is $110.67. The company has a market capitalization of $9.50 billion, a PE ratio of -137.23, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The firm’s quarterly revenue was up 36.2% on a year-over-year basis. As a group, analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Qorvo during the 2nd quarter valued at $29,000. Park Place Capital Corp increased its position in Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new stake in shares of Qorvo in the 2nd quarter valued at approximately $34,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.