Qorvo (NASDAQ:QRVO) Shares Gap Down - What's Next?

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $82.59, but opened at $78.75. Qorvo shares last traded at $80.30, with a volume of 469,609 shares changing hands.

Analyst Ratings Changes

QRVO has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their target price 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. Needham & Company LLC restated a "buy" rating and issued a $100.00 price objective on shares of Qorvo in a report on Wednesday, January 29th. TD Cowen dropped their target price on Qorvo from $125.00 to $85.00 and set a "hold" rating on the stock in a report on Wednesday, October 30th. Raymond James downgraded Qorvo from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 30th. Finally, Susquehanna dropped their price objective on Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $95.84.

Qorvo Price Performance

The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $75.17 and a 200-day moving average of $89.47. The firm has a market capitalization of $7.22 billion, a P/E ratio of 275.93, a P/E/G ratio of 15.93 and a beta of 1.41.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the business's stock in a transaction that occurred on 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 approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Qorvo

Several large investors have recently modified their holdings of the stock. Rakuten Securities Inc. bought a new stake in Qorvo during the fourth quarter worth about $28,000. Larson Financial Group LLC raised its position in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock valued at $33,000 after buying an additional 201 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Qorvo during the 4th quarter worth approximately $37,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Qorvo during the third quarter valued at approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 286 shares during 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.