Qorvo (NASDAQ:QRVO) Cut to Hold at StockNews.com

Qorvo (NASDAQ:QRVO) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

A number of other equities research analysts also recently issued reports on the company. UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday. Rosenblatt Securities lifted their price objective on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Needham & Company LLC initiated coverage on shares of Qorvo in a research report on Monday. They set a “buy” rating and a $135.00 target price for the company. Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.47.

Qorvo Trading Down 2.4 %

Shares of QRVO stock traded down $1.78 during trading hours on Thursday, hitting $71.26. 4,446,641 shares of the company were exchanged, compared to its average volume of 1,408,847. The firm has a fifty day moving average of $104.06 and a 200 day moving average of $107.74. 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 has a 1 year low of $70.39 and a 1 year high of $130.99. The firm has a market cap of $6.77 billion, a PE ratio of -97.62, a PEG ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $1.99 earnings per share. Qorvo’s revenue was down 5.2% on a year-over-year basis. Analysts expect 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 firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at $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 is available through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its position in shares of Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after purchasing an additional 93,068 shares during the last quarter. Vulcan Value Partners LLC grew its stake in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after buying an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Qorvo by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock valued at $153,558,000 after buying an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake 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 buying an additional 160,534 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

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.