Qorvo (NASDAQ:QRVO) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a research report released on Tuesday.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC assumed coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Craig Hallum lowered their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. UBS Group 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 note on Wednesday, October 30th. Finally, Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus price target of $102.88.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $68.80 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The firm has a market cap of $6.50 billion, a P/E ratio of -47.12, a PEG ratio of 5.58 and a beta of 1.42. The company has a 50 day moving average of $78.36 and a 200 day moving average of $99.47.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.99 earnings per share. As a group, research analysts expect that Qorvo will post 3.37 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo 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 sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in QRVO. Principal Financial Group Inc. boosted its stake in shares of Qorvo by 1.3% during the third quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock valued at $11,270,000 after purchasing an additional 1,426 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in Qorvo during the third quarter worth $1,616,000. Franklin Resources Inc. boosted its position in Qorvo by 43.2% during the 3rd quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock valued at $5,523,000 after acquiring an additional 15,925 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Qorvo by 188.1% in the 3rd quarter. Tidal Investments LLC now owns 37,729 shares of the semiconductor company’s stock valued at $3,897,000 after acquiring an additional 24,635 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Qorvo in the 3rd quarter worth $200,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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.