Qorvo, Inc. (NASDAQ:QRVO) was downgraded by equities researchers at Northland Securities from an “outperform” rating to a “market perform” rating in a report released on Thursday, November 2nd, MarketBeat reports.
A number of other research firms also recently weighed in on QRVO. Nomura began coverage on shares of Qorvo in a research note on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price target on the stock. Cowen and Company reissued a “hold” rating and issued a $85.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. Mizuho reaffirmed a “hold” rating and set a $70.00 price target on shares of Qorvo in a report on Monday, October 9th. Needham & Company LLC reissued a “buy” rating and set a $86.00 price objective on shares of Qorvo in a report on Sunday, September 17th. Finally, Zacks Investment Research lowered shares of Qorvo from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $76.74.
Shares of Qorvo (QRVO) traded down $1.57 during trading hours on Thursday, hitting $76.84. 640,011 shares of the stock were exchanged, compared to its average volume of 1,515,123. Qorvo has a 1-year low of $49.53 and a 1-year high of $81.20. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $10,054.87, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.33 and a beta of 1.03.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $821.60 million for the quarter, compared to analyst estimates of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 earnings per share. equities research analysts forecast that Qorvo will post 4.74 earnings per share for the current fiscal year.
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In other Qorvo news, insider Robert A. Bruggeworth sold 5,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $72.27, for a total transaction of $361,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James L. Klein sold 2,600 shares of Qorvo stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $77.58, for a total value of $201,708.00. Following the sale, the vice president now directly owns 42,993 shares of the company’s stock, valued at approximately $3,335,396.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,760 shares of company stock worth $2,900,950. Corporate insiders own 0.91% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kalos Management Inc. bought a new position in Qorvo in the third quarter valued at about $525,000. Janus Henderson Group PLC lifted its stake in shares of Qorvo by 43.5% in the third quarter. Janus Henderson Group PLC now owns 111,777 shares of the semiconductor company’s stock worth $7,900,000 after acquiring an additional 33,895 shares during the period. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Qorvo by 113.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock worth $26,484,000 after acquiring an additional 198,856 shares during the period. Chevy Chase Trust Holdings Inc. lifted its stake in shares of Qorvo by 1.4% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 110,999 shares of the semiconductor company’s stock worth $7,846,000 after acquiring an additional 1,506 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new position in Qorvo in the third quarter valued at approximately $118,506,000. Institutional investors own 94.55% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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