Loop Capital Begins Coverage on Qorvo (NASDAQ:QRVO)

Research analysts at Loop Capital initiated coverage on shares of Qorvo (NASDAQ:QRVO) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “hold” rating and a $73.00 price target on the semiconductor company’s stock. Loop Capital’s price objective would indicate a potential upside of 8.52% from the stock’s current price.

Several other brokerages also recently weighed in on QRVO. Barclays cut their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. UBS Group decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Susquehanna dropped their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $67.27 on Monday. Qorvo has a one year low of $67.16 and a one year high of $130.99. The stock has a market cap of $6.36 billion, a PE ratio of -46.08, a price-to-earnings-growth ratio of 5.64 and a beta of 1.49. The business’s fifty day moving average price is $96.45 and its two-hundred day moving average price is $105.22. 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 (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $1.99 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction 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 in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. lifted its stake in shares of Qorvo by 51.9% in the third quarter. Daiwa Securities Group Inc. now owns 19,442 shares of the semiconductor company’s stock worth $2,008,000 after acquiring an additional 6,644 shares in the last quarter. Larson Financial Group LLC raised 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 valued at $33,000 after purchasing an additional 201 shares in the last quarter. Cerity Partners LLC raised its position in shares of Qorvo by 20.7% in the 3rd quarter. Cerity Partners LLC now owns 8,020 shares of the semiconductor company’s stock valued at $828,000 after purchasing an additional 1,373 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Qorvo during the 3rd quarter valued at approximately $22,726,000. Finally, Citigroup Inc. grew its position in shares of Qorvo by 5.3% during the third quarter. Citigroup Inc. now owns 707,271 shares of the semiconductor company’s stock worth $73,061,000 after buying an additional 35,293 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other 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.