Qorvo (NASDAQ:QRVO) Lowered to “Market Perform” Rating by Raymond James

Raymond James cut shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a market perform rating in a research report report published on Wednesday, MarketBeat.com reports.

A number of other equities analysts have also recently issued reports on QRVO. Craig Hallum lifted their target price on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday. They issued a “buy” rating and a $135.00 target price on the stock. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Finally, Susquehanna dropped their price objective on Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Stock Down 27.3 %

QRVO stock opened at $73.04 on Wednesday. Qorvo has a 52 week low of $71.31 and a 52 week high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company has a market cap of $6.94 billion, a P/E ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. The company’s 50-day moving average price is $104.86 and its 200 day moving average price is $107.98.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. On average, research analysts expect that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Activity at Qorvo

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

Institutional Trading of Qorvo

Several large investors have recently modified their holdings of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo in the 2nd quarter valued at approximately $29,000. Park Place Capital Corp increased its stake in shares of Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc boosted its stake in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new position in Qorvo during the 2nd quarter valued at $34,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Company Profile

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.