Qorvo (NASDAQ:QRVO) Sets New 1-Year Low on Analyst Downgrade

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) shares hit a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $120.00 to $90.00. Barclays currently has an equal weight rating on the stock. Qorvo traded as low as $71.31 and last traded at $75.10, with a volume of 1904315 shares. The stock had previously closed at $100.48.

QRVO has been the topic of a number of other reports. Morgan Stanley cut Qorvo from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $130.00 to $120.00 in a report on Friday, October 11th. Bank of America dropped their price target on Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a research report on Wednesday. UBS Group dropped their target price on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday. Needham & Company LLC started coverage on Qorvo in a research report on Monday. They set a "buy" rating and a $135.00 target price for the company. Finally, Susquehanna dropped their target price on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $104.47.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the firm'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 sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.46% of the company's stock.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. acquired a new position in Qorvo during the first quarter worth about $227,000. Park Place Capital Corp increased its position in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 207 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Qorvo by 65.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company's stock worth $1,090,000 after buying an additional 3,744 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Qorvo by 0.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company's stock worth $27,390,000 after buying an additional 1,437 shares during the period. Finally, Leeward Investments LLC MA grew its stake in Qorvo by 50.6% during the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company's stock worth $17,724,000 after buying an additional 51,850 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 26.6 %

The firm has a market capitalization of $7.01 billion, a PE ratio of -100.26, a P/E/G ratio of 1.20 and a beta of 1.45. The firm's 50 day moving average price is $104.86 and its two-hundred day moving average price is $107.98. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO - Get Free Report) 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 0.66% and a positive return on equity of 14.92%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.99 earnings per share. The business's quarterly revenue was down 5.2% compared to the same quarter last year. As a group, research analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current fiscal 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.