Craig Hallum downgraded shares of Qorvo, Inc. (NASDAQ:QRVO) from a buy rating to a hold rating in a report released on Thursday, November 2nd, MarketBeat.com reports. The brokerage currently has $71.00 price target on the semiconductor company’s stock, down from their previous price target of $78.00.
Several other research analysts also recently commented on QRVO. Drexel Hamilton reissued a buy rating and issued a $95.00 price target on shares of Qorvo in a report on Tuesday, August 1st. Canaccord Genuity raised their price objective on shares of Qorvo from $79.00 to $81.00 and gave the company a buy rating in a research report on Thursday, August 3rd. TheStreet cut shares of Qorvo from a b rating to a c rating in a research report on Wednesday, August 2nd. Mizuho reiterated a hold rating and issued a $70.00 target price on shares of Qorvo in a research report on Friday, August 4th. Finally, BidaskClub upgraded shares of Qorvo from a hold rating to a buy rating in a research report on Friday, August 18th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $76.74.
Qorvo (QRVO) traded up $1.45 during trading hours on Thursday, reaching $80.59. 1,177,157 shares of the company’s stock traded hands, compared to its average volume of 1,502,928. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80. The stock has a market cap of $10,250.00 and a price-to-earnings ratio of 19.33. Qorvo has a 52-week low of $49.53 and a 52-week high of $81.20.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same period last year, the firm earned $1.29 EPS. Qorvo’s revenue for the quarter was down 5.0% on a year-over-year basis. analysts expect that Qorvo will post 4.74 earnings per share for the current year.
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In related news, VP James L. Klein sold 2,600 shares of Qorvo stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $70.84, for a total value of $184,184.00. Following the completion of the sale, the vice president now directly owns 42,993 shares in the company, valued at approximately $3,045,624.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of Qorvo stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $77.03, for a total transaction of $385,150.00. Following the completion of the sale, the insider now owns 193,344 shares of the company’s stock, valued at $14,893,288.32. The disclosure for this sale can be found here. Insiders sold a total of 47,500 shares of company stock worth $3,513,885 in the last ninety days. 0.91% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Qorvo by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock worth $794,638,000 after acquiring an additional 430,596 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Qorvo by 4.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock worth $329,228,000 after acquiring an additional 194,106 shares in the last quarter. Manning & Napier Advisors LLC increased its holdings in Qorvo by 52.5% in the 3rd quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock worth $172,674,000 after acquiring an additional 840,755 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Qorvo in the 3rd quarter worth $118,506,000. Finally, Dimensional Fund Advisors LP increased its holdings in Qorvo by 4.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock worth $86,067,000 after acquiring an additional 50,179 shares in the last quarter. 92.36% of the stock is owned by hedge funds and other institutional investors.
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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