Qorvo (NASDAQ:QRVO) Sets New 1-Year Low Following Analyst Downgrade

Shares of Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week low during trading on Wednesday after Bank of America lowered their price target on the stock from $115.00 to $80.00. Bank of America currently has an underperform rating on the stock. Qorvo traded as low as $71.31 and last traded at $75.10, with a volume of 1904315 shares. The stock had previously closed at $100.48.

QRVO has been the topic of a number of other research reports. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday. Piper Sandler dropped their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Finally, The Goldman Sachs Group increased their target price on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $110.06.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. grew its holdings in shares of Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after purchasing an additional 12,666 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after buying an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after acquiring an additional 71,200 shares during the last quarter. Leeward Investments LLC MA raised its stake in shares of Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after acquiring an additional 51,850 shares during the last quarter. Finally, APG Asset Management N.V. boosted its holdings in shares of Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after acquiring an additional 18,178 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Performance

The stock has a 50-day moving average of $104.86 and a 200 day moving average of $107.98. The firm has a market capitalization of $7.14 billion, a P/E ratio of -102.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the business earned $1.99 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts anticipate that Qorvo, Inc. will post 4.84 earnings per share for the current year.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.