StockNews.com Downgrades Qorvo (NASDAQ:QRVO) to Hold

StockNews.com downgraded shares of Qorvo (NASDAQ:QRVO - Free Report) from a buy rating to a hold rating in a research note published on Tuesday morning.

Several other equities research analysts have also recently commented on QRVO. Raymond James cut Qorvo from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 30th. UBS Group lowered their price objective on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday, October 30th. BNP Paribas downgraded shares of Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price on the stock. in a research report on Wednesday, October 30th. Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Finally, Loop Capital began coverage on shares of Qorvo in a research note on Monday, November 11th. They set a "hold" rating and a $73.00 price target for the company. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.88.

Qorvo Price Performance

NASDAQ QRVO traded up $0.65 during trading hours on Tuesday, reaching $70.95. 2,823,716 shares of the company's stock were exchanged, compared to its average volume of 1,489,244. The firm has a fifty day moving average of $79.63 and a 200-day moving average of $99.88. Qorvo has a one year low of $64.54 and a one year high of $130.99. The stock has a market cap of $6.71 billion, a PE ratio of -48.60, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 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 company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 earnings per share. The business's revenue was down 5.2% on a year-over-year basis. On average, equities research analysts predict that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Philip Chesley sold 4,045 shares of the business'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 sale, the senior vice president now directly owns 30,261 shares of the company's stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC lifted its position in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 201 shares in the last quarter. New Millennium Group LLC bought a new position in Qorvo in the 2nd quarter valued at about $34,000. Blue Trust Inc. lifted its position in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock worth $40,000 after buying an additional 244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Qorvo in the 3rd quarter valued at approximately $41,000. Finally, Farther Finance Advisors LLC boosted its position in Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after buying an additional 104 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

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.