Qorvo (NASDAQ:QRVO) Lowered to Hold at Benchmark

Qorvo (NASDAQ:QRVO) was downgraded by Benchmark from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Briefing.com reports.

Other analysts have also issued research reports about the company. Susquehanna decreased their price objective on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday. They issued a “buy” rating and a $135.00 target price for the company. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $130.00 to $120.00 in a report on Friday, October 11th. TD Cowen upgraded Qorvo to a “hold” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their price target on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $114.53.

Qorvo Price Performance

Qorvo stock opened at $100.48 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The firm’s 50-day simple moving average is $104.86 and its 200 day simple moving average is $107.98. Qorvo has a 52 week low of $80.62 and a 52 week high of $130.99. The firm has a market capitalization of $9.55 billion, a PE ratio of -137.64, a P/E/G ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.03 billion. During the same period last year, the company posted $1.99 EPS. The company’s revenue was down 5.2% on a year-over-year basis. On average, equities research analysts predict that Qorvo will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

A number of large investors have recently modified their holdings of the stock. Mather Group LLC. lifted its position in Qorvo by 5.6% during the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after acquiring an additional 96 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Qorvo by 33.7% during the third 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. V Square Quantitative Management LLC boosted its stake in shares of Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 107 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. Finally, American Trust increased its stake in Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds 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.