Qorvo (NASDAQ:QRVO) Downgraded to Hold Rating by Benchmark

Qorvo (NASDAQ:QRVO - Get Free Report) was downgraded by investment analysts at Benchmark from a "buy" rating to a "hold" rating in a report issued on Wednesday, MarketBeat Ratings reports.

Several other brokerages also recently issued reports on QRVO. Morgan Stanley lowered Qorvo from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $130.00 to $120.00 in a research report on Friday, October 11th. JPMorgan Chase & Co. increased their target price on shares of Qorvo from $100.00 to $115.00 and gave the company an "underweight" rating in a report on Wednesday, July 31st. The Goldman Sachs Group raised their price target on shares of Qorvo from $105.00 to $118.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Needham & Company LLC initiated coverage on shares of Qorvo in a research report on Monday. They issued a "buy" rating and a $135.00 price objective for the company. Finally, StockNews.com lowered shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $104.47.

Qorvo Stock Down 27.3 %

Shares of QRVO stock traded down $27.44 on Wednesday, reaching $73.04. 10,432,682 shares of the company were exchanged, compared to its average volume of 1,394,354. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The company has a 50-day moving average of $104.86 and a 200-day moving average of $107.98. The company has a market cap of $6.94 billion, a price-to-earnings ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. Qorvo has a one year low of $71.31 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly 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. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 earnings per share. The company's quarterly revenue was down 5.2% on a year-over-year basis. Analysts anticipate that Qorvo will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now owns 21,601 shares of the company's stock, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its position in shares of Qorvo by 8.3% during the 3rd quarter. QRG Capital Management Inc. now owns 9,022 shares of the semiconductor company's stock valued at $932,000 after buying an additional 695 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock valued at $55,548,000 after acquiring an additional 236,590 shares during the last quarter. Van ECK Associates Corp raised its position in Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company's stock valued at $83,429,000 after purchasing an additional 160,534 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in Qorvo by 7.5% during the third quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company's stock worth $280,000 after purchasing an additional 194 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 104 shares in 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.