Qorvo, Inc. (NASDAQ:QRVO) Given Average Rating of “Hold” by Analysts

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned an average recommendation of “Hold” from the seventeen analysts that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $102.88.

Several equities analysts recently issued reports on QRVO shares. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. UBS Group lowered their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Susquehanna 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. Finally, Barclays decreased their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th.

Qorvo Trading Up 0.9 %

QRVO opened at $70.95 on Wednesday. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of -48.60, a PEG ratio of 5.58 and a beta of 1.42. Qorvo has a one year low of $64.54 and a one year high of $130.99. The business has a 50 day simple moving average of $79.63 and a two-hundred day simple moving average of $99.88. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during 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%. The firm’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.99 earnings per share. Analysts predict that Qorvo will post 3.37 EPS for the current year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Large investors have recently made changes to their positions in the stock. Vulcan Value Partners LLC lifted its holdings in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares during the period. Pacer Advisors Inc. increased its position in shares of Qorvo by 7.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after purchasing an additional 101,742 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after purchasing an additional 4,386 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after buying an additional 487,621 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after buying an additional 160,534 shares during the last quarter. 88.57% of the stock is currently owned by 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.