Qorvo (NASDAQ:QRVO) Rating Lowered to “Hold” at Benchmark

Benchmark cut shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat.com reports.

Several other analysts have also weighed in on QRVO. Barclays lowered their target price on Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Piper Sandler lowered their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $130.00 to $120.00 in a report on Friday, October 11th. Needham & Company LLC initiated coverage on Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. Finally, TD Cowen upgraded Qorvo to a “hold” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.47.

Qorvo Trading Up 0.8 %

Shares of QRVO stock opened at $71.86 on Wednesday. The business’s fifty day moving average price is $103.28 and its 200 day moving average price is $107.48. Qorvo has a 1-year low of $70.39 and a 1-year high of $130.99. The firm has a market capitalization of $6.82 billion, a PE ratio of -49.22, a P/E/G ratio of 0.88 and a beta of 1.45. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last announced 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 positive return on equity of 13.81% and a negative net margin of 3.58%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company posted $1.99 earnings per share. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 value of $74,184.63. Following the sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Pacer Advisors Inc. raised its stake in Qorvo by 17,255.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after acquiring an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC raised its stake in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Qorvo by 1,507.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after acquiring an additional 326,087 shares in the last quarter. Caxton Associates LP bought a new stake in Qorvo during the 2nd quarter valued at $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after acquiring an additional 272,872 shares in the last quarter. Institutional investors 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.