Benchmark Reiterates Hold Rating for Qorvo (NASDAQ:QRVO)

Benchmark restated their hold rating on shares of Qorvo (NASDAQ:QRVO) in a report issued on Wednesday,Benzinga reports.

QRVO has been the topic of several other reports. UBS Group lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. TD Cowen dropped their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, Bank of America decreased their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Three research 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, Qorvo presently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Down 0.9 %

QRVO stock opened at $82.98 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 296.36, a PEG ratio of 6.89 and a beta of 1.40. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The stock has a fifty day moving average of $74.01 and a 200-day moving average of $91.48.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a net margin of 0.71% and a return on equity of 12.32%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 EPS. As a group, equities research analysts predict that Qorvo will post 3.37 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several large investors have recently made changes to their positions in QRVO. Pacer Advisors Inc. grew its stake in shares of Qorvo by 7.1% in the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares during the last quarter. KBC Group NV grew its stake in shares of Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after acquiring an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Qorvo by 140.2% during the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of 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 acquiring an additional 160,534 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after purchasing an additional 645,829 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other 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.