Qorvo (NASDAQ:QRVO) Cut to “Hold” at Benchmark

Benchmark lowered shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a report released on Wednesday, Marketbeat reports.

A number of other research firms have also recently issued reports on QRVO. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Wednesday. TD Cowen upgraded Qorvo to a “hold” rating in a report on Monday, September 16th. Needham & Company LLC started coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price target on the stock. Susquehanna cut 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. Finally, JPMorgan Chase & Co. raised their price objective on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research 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. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Stock Performance

QRVO stock opened at $71.86 on Wednesday. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of -49.22, a PEG ratio of 0.88 and a beta of 1.45. The firm has a 50-day simple moving average of $103.28 and a two-hundred day simple moving average of $107.48. Qorvo has a one year low of $70.39 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 EPS. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities analysts forecast that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Qorvo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QRVO. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Qorvo during the first quarter worth approximately $227,000. Park Place Capital Corp raised its stake in shares of Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Qorvo by 65.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after purchasing an additional 3,744 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Qorvo by 0.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after purchasing an additional 1,437 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Qorvo by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock worth $1,040,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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.