BidaskClub cut shares of Qorvo (NASDAQ:QRVO) from a hold rating to a sell rating in a research report report published on Wednesday morning.
QRVO has been the subject of a number of other research reports. Northland Securities downgraded Qorvo from an outperform rating to a market perform rating in a report on Thursday, November 2nd. J P Morgan Chase & Co set a $88.00 price target on Qorvo and gave the company a buy rating in a report on Wednesday, November 15th. Citigroup increased their price target on Qorvo from $69.00 to $75.00 and gave the company a neutral rating in a report on Friday, November 3rd. Nomura started coverage on Qorvo in a report on Tuesday, September 5th. They issued a neutral rating and a $75.00 price target for the company. Finally, Cowen reissued a hold rating and issued a $85.00 price target on shares of Qorvo in a report on Sunday, September 17th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. Qorvo currently has a consensus rating of Hold and an average price target of $76.74.
Shares of Qorvo (NASDAQ QRVO) traded down $1.35 during trading hours on Wednesday, reaching $68.75. The company’s stock had a trading volume of 1,390,692 shares, compared to its average volume of 1,504,629. The firm has a market capitalization of $9,126.69, a price-to-earnings ratio of 17.94, a PEG ratio of 1.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71. Qorvo has a 12 month low of $52.05 and a 12 month high of $81.20.
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 Thomson Reuters’ consensus estimate of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same quarter in the prior year, the business earned $1.29 earnings per share. The company’s revenue was down 5.0% compared to the same quarter last year. research analysts predict that Qorvo will post 4.74 EPS for the current year.
In other news, Director Daniel A. Dileo sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 4,622 shares in the company, valued at approximately $369,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Walter H. Wilkinson sold 15,925 shares of the stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the sale, the director now owns 62,480 shares in the company, valued at $4,999,649.60. The disclosure for this sale can be found here. Insiders have sold a total of 60,536 shares of company stock worth $4,596,830 over the last quarter. Insiders own 0.91% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of QRVO. Alyeska Investment Group L.P. acquired a new stake in Qorvo in the 3rd quarter valued at approximately $118,506,000. Manning & Napier Advisors LLC increased its position 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 valued at $172,674,000 after acquiring an additional 840,755 shares during the period. Vanguard Group Inc. increased its position in Qorvo by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after acquiring an additional 430,596 shares during the period. Renaissance Technologies LLC acquired a new stake in Qorvo in the 2nd quarter valued at approximately $18,990,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in Qorvo by 113.1% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 374,721 shares of the semiconductor company’s stock valued at $26,484,000 after purchasing an additional 198,856 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.
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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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