Qorvo (NASDAQ:QRVO) Stock Rating Lowered by Benchmark

Qorvo (NASDAQ:QRVO) was downgraded by equities researchers at Benchmark from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat reports.

QRVO has been the topic of a number of other research reports. Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday. Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Wednesday. Craig Hallum increased their price target on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Rosenblatt Securities increased their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $104.47.

Qorvo Stock Performance

Qorvo stock opened at $71.26 on Wednesday. The firm’s 50 day simple moving average is $104.06 and its 200 day simple moving average is $107.74. 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 has a market capitalization of $6.77 billion, a PE ratio of -97.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. Qorvo has a 1-year low of $70.39 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. Qorvo’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.99 EPS. As a group, analysts expect that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the 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 completion of the sale, the vice president now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Institutional investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Qorvo during the 2nd quarter valued at $29,000. Park Place Capital Corp lifted its position in shares of 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 period. EverSource Wealth Advisors LLC lifted its position in shares of Qorvo by 81.0% in 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 during the period. Versant Capital Management Inc lifted its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the 2nd quarter worth about $34,000. 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.