Qorvo, Inc. (NASDAQ:QRVO) Given Consensus Rating of “Hold” by Analysts

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been given a consensus recommendation of “Hold” by the seventeen brokerages that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $99.06.

A number of research analysts have recently issued reports on the stock. Susquehanna reduced their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Piper Sandler decreased their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Mizuho lowered their price objective on Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Barclays cut their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Finally, StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th.

Insider Activity at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently made changes to their positions in the company. GDS Wealth Management purchased a new position in Qorvo during the 3rd quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Qorvo during the third quarter valued at $2,507,000. Quest Partners LLC raised its position in Qorvo by 504.6% during the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after buying an additional 9,678 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Qorvo in the 3rd quarter worth about $1,211,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 0.8 %

Shares of NASDAQ QRVO opened at $73.59 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The stock’s 50 day moving average price is $69.81 and its two-hundred day moving average price is $94.10. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results 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. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.99 EPS. As a group, equities research analysts predict that Qorvo will post 3.37 earnings per share for the current fiscal year.

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.