Qorvo (NASDAQ:QRVO) Rating Lowered to Neutral at BNP Paribas

BNP Paribas downgraded shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has $80.00 price target on the semiconductor company’s stock.

QRVO has been the subject of several other research reports. 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 research note on Wednesday, July 31st. Piper Sandler decreased their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, TD Cowen upgraded shares of Qorvo to a “hold” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $104.47.

Qorvo Trading Up 0.8 %

QRVO opened at $71.86 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. Qorvo has a fifty-two week low of $70.39 and a fifty-two week high of $130.99. The firm has a market capitalization of $6.79 billion, a PE ratio of -49.22, a P/E/G ratio of 3.98 and a beta of 1.49. The company’s 50-day moving average is $102.41 and its 200 day moving average is $107.22.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.99 EPS. As a group, research analysts predict that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. boosted its holdings in Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after buying an additional 12,666 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after purchasing an additional 71,200 shares during the period. APG Asset Management N.V. boosted its holdings in Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after purchasing an additional 18,178 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in Qorvo in the 1st quarter valued at $811,000. 88.57% of the stock is 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.