Qorvo (NASDAQ:QRVO) Lowered to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of Qorvo (NASDAQ:QRVO) from an overweight rating to an equal weight rating in a report published on Friday morning, Marketbeat.com reports. They currently have $120.00 target price on the semiconductor company’s stock, down from their previous target price of $130.00.

Other equities research analysts also recently issued reports about the stock. TD Cowen upgraded shares of Qorvo to a hold rating in a research report on Monday, September 16th. Piper Sandler restated a neutral rating and issued a $120.00 price target (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. The Goldman Sachs Group boosted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a neutral rating in a report on Wednesday, July 31st. Rosenblatt Securities lifted their price target on shares of Qorvo from $105.00 to $120.00 and gave the company a neutral rating in a research report on Wednesday, July 31st. Finally, Craig Hallum increased their price target on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Qorvo currently has a consensus rating of Hold and a consensus target price of $122.71.

Qorvo Stock Performance

Shares of QRVO opened at $101.83 on Friday. The company has a market cap of $9.66 billion, a PE ratio of -351.14, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. The firm has a 50-day moving average of $106.30 and a 200-day moving average of $109.09. Qorvo has a one year low of $80.62 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. During the same period last year, the firm posted $0.03 earnings per share. The business’s revenue was up 36.2% on a year-over-year basis. As a group, equities analysts forecast that Qorvo will post 4.84 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at $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 available at this link. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several large investors have recently bought and sold shares of QRVO. FIL Ltd grew its holdings in Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after acquiring an additional 120,213 shares during the last quarter. Beacon Financial Group acquired a new position in Qorvo during the 4th quarter worth about $206,000. Integrated Advisors Network LLC bought a new stake in shares of Qorvo in the 4th quarter valued at about $655,000. Royal London Asset Management Ltd. grew its position in shares of Qorvo by 5.1% in the 4th quarter. Royal London Asset Management Ltd. now owns 36,035 shares of the semiconductor company’s stock valued at $4,058,000 after buying an additional 1,760 shares during the last quarter. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Qorvo in the fourth quarter valued at about $463,000. 88.57% of the stock is currently owned by institutional investors.

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.