Qorvo (NASDAQ:QRVO) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other analysts also recently commented on QRVO. Citigroup raised their price objective on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 target price on shares of Qorvo in a report on Wednesday, May 6th. Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, UBS Group boosted their price objective on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and an average price target of $97.07.

Qorvo Stock Up 3.9%

QRVO stock opened at $89.85 on Friday. Qorvo has a twelve month low of $74.92 and a twelve month high of $109.49. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.93 billion, a P/E ratio of 24.82, a PEG ratio of 1.36 and a beta of 1.44. The business’s 50-day moving average price is $94.58 and its 200-day moving average price is $86.59.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. During the same period in the prior year, the firm posted $1.42 EPS. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts forecast that Qorvo will post 5.83 EPS for the current year.

Insider Activity at Qorvo

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the transaction, the director owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gina Harrison sold 4,714 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the transaction, the vice president directly owned 24,429 shares of the company’s stock, valued at $2,442,900. This trade represents a 16.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,966,127 shares of company stock valued at $198,911,103. Insiders own 0.49% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock worth $314,516,000 after acquiring an additional 175,031 shares during the last quarter. FIL Ltd boosted its position in shares of Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock valued at $305,085,000 after acquiring an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Qorvo by 16.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock valued at $168,842,000 after acquiring an additional 311,645 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Qorvo by 801.4% in the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after purchasing an additional 1,571,303 shares in the last quarter. Finally, LSV Asset Management increased its position in Qorvo by 2.3% in the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after purchasing an additional 34,605 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.