Qorvo (NASDAQ:QRVO) Coverage Initiated at Loop Capital

Loop Capital started coverage on shares of Qorvo (NASDAQ:QRVO) in a research report report published on Monday, MarketBeat Ratings reports. The firm issued a hold rating and a $73.00 price target on the semiconductor company’s stock.

Several other research analysts also recently weighed in on the company. Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Rosenblatt Securities raised their target price on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Bank of America reduced their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock 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 given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $66.30 on Monday. The stock has a market cap of $6.27 billion, a PE ratio of -45.41, a price-to-earnings-growth ratio of 5.39 and a beta of 1.49. Qorvo has a 1 year low of $65.35 and a 1 year high of $130.99. The firm has a fifty day moving average price of $94.75 and a 200-day moving average price of $104.68. 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 issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business posted $1.99 EPS. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. Equities analysts anticipate that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 value of $74,184.63. Following the sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently made changes to their positions in QRVO. Janney Montgomery Scott LLC purchased a new stake in Qorvo in the 1st quarter valued at about $811,000. Forsta AP Fonden grew its stake in Qorvo by 7.7% in the first quarter. Forsta AP Fonden now owns 16,800 shares of the semiconductor company’s stock worth $1,929,000 after purchasing an additional 1,200 shares in the last quarter. Sei Investments Co. increased its holdings in Qorvo by 28.0% during the 1st quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock worth $4,055,000 after purchasing an additional 7,735 shares during the period. Russell Investments Group Ltd. raised its position in Qorvo by 9.6% during the 1st quarter. Russell Investments Group Ltd. now owns 310,977 shares of the semiconductor company’s stock valued at $35,708,000 after purchasing an additional 27,192 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Qorvo by 10.6% in the 1st quarter. ProShare Advisors LLC now owns 28,251 shares of the semiconductor company’s stock worth $3,244,000 after buying an additional 2,715 shares during the period. 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.