Qorvo (NASDAQ:QRVO) Lowered to “Neutral” Rating by BNP Paribas

BNP Paribas cut shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a neutral rating in a research note published on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $80.00 target price on the semiconductor company’s stock.

Several other research firms also recently commented on QRVO. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday. They set a “buy” rating and a $135.00 price objective for the company. Raymond James increased their price target on Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Susquehanna reduced their price objective on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. JPMorgan Chase & Co. increased their target price on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities raised their target price on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $104.47.

Qorvo Stock Down 27.3 %

Shares of QRVO opened at $73.04 on Wednesday. The business’s 50 day moving average is $104.86 and its 200 day moving average is $107.98. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo has a 12-month low of $71.31 and a 12-month high of $130.99. The company has a market capitalization of $6.94 billion, a PE ratio of -100.05, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its holdings in Qorvo by 17,255.9% during the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after buying an additional 1,418,784 shares during the period. Vulcan Value Partners LLC raised its holdings in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Qorvo by 1,507.7% during the second quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after buying an additional 326,087 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Qorvo in the 2nd quarter valued at about $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Qorvo by 177.4% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after buying an additional 272,872 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

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.