Oppenheimer Downgrades Qorvo (NASDAQ:QRVO) to Market Perform

Qorvo (NASDAQ:QRVO) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, Price Targets.com reports.

Several other equities research analysts also recently commented on the stock. UBS Group reduced their target price on shares of Qorvo from $210.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday, November 4th. Susquehanna reaffirmed a “hold” rating and issued a $174.00 price target on shares of Qorvo in a report on Thursday, November 4th. Wells Fargo & Company cut their price target on Qorvo from $230.00 to $220.00 and set an “overweight” rating for the company in a report on Thursday, November 4th. Susquehanna Bancshares reaffirmed a “hold” rating and issued a $174.00 price target on shares of Qorvo in a report on Thursday, November 4th. Finally, Argus cut Qorvo from a “buy” rating to a “hold” rating in a report on Friday, November 5th. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $201.67.

QRVO opened at $148.73 on Thursday. Qorvo has a fifty-two week low of $142.17 and a fifty-two week high of $201.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.82 and a quick ratio of 2.15. The firm’s fifty day moving average price is $154.04 and its two-hundred day moving average price is $171.43. The company has a market capitalization of $16.39 billion, a P/E ratio of 15.35, a P/E/G ratio of 1.14 and a beta of 1.38.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, November 3rd. The semiconductor company reported $3.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.25 by $0.17. Qorvo had a net margin of 24.37% and a return on equity of 28.16%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company earned $2.17 EPS. On average, equities research analysts expect that Qorvo will post 10.94 EPS for the current fiscal year.

In related news, VP Paul J. Fego sold 5,135 shares of the business’s stock in a transaction that occurred on Monday, November 15th. The stock was sold at an average price of $160.85, for a total value of $825,964.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Harding sold 1,325 shares of the business’s stock in a transaction that occurred on Friday, December 3rd. The shares were sold at an average price of $151.05, for a total value of $200,141.25. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Clearstead Advisors LLC grew its position in shares of Qorvo by 50.9% in the 2nd quarter. Clearstead Advisors LLC now owns 166 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 56 shares during the period. Carolinas Wealth Consulting LLC boosted its position in Qorvo by 210.5% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 295 shares of the semiconductor company’s stock worth $58,000 after acquiring an additional 200 shares during the last quarter. Trustcore Financial Services LLC boosted its position in Qorvo by 3,655.6% during the 3rd quarter. Trustcore Financial Services LLC now owns 338 shares of the semiconductor company’s stock worth $57,000 after acquiring an additional 329 shares during the last quarter. GeoWealth Management LLC acquired a new position in Qorvo during the 2nd quarter worth approximately $80,000. Finally, Berman Capital Advisors LLC boosted its position in Qorvo by 62.3% during the 3rd quarter. Berman Capital Advisors LLC now owns 417 shares of the semiconductor company’s stock worth $69,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 83.23% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplyingof cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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