Qorvo, Inc. (NASDAQ:QRVO) Receives Consensus Rating of “Hold” from Brokerages

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned a consensus recommendation of “Hold” from the seventeen analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $99.06.

QRVO has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Wednesday, October 30th. TD Cowen dropped their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Larson Financial Group LLC lifted its position in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Qorvo during the third quarter valued at approximately $41,000. Versant Capital Management Inc boosted its position in Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the period. Finally, UMB Bank n.a. grew its stake in Qorvo by 33.8% in the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 186 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

Qorvo stock opened at $71.69 on Friday. The stock’s 50 day moving average is $69.72 and its 200 day moving average is $95.11. Qorvo has a one year low of $64.54 and a one year high of $130.99. The firm has a market cap of $6.78 billion, a P/E ratio of -49.10, a P/E/G ratio of 5.58 and a beta of 1.40. 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 posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm posted $1.99 EPS. The company’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, research analysts expect that Qorvo will post 3.37 EPS for the current year.

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.