Qorvo (NASDAQ:QRVO) Stock Rating Lowered by Raymond James

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

Several other equities research analysts have also recently commented on QRVO. TD Cowen upgraded shares of Qorvo to a “hold” rating in a research report on Monday, September 16th. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. The Goldman Sachs Group lifted their price target on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. BNP Paribas cut 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. Finally, JPMorgan Chase & Co. lifted their target price on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Performance

Qorvo stock opened at $71.86 on Wednesday. The company has a market cap of $6.82 billion, a PE ratio of -49.22, a P/E/G ratio of 0.88 and a beta of 1.45. The company has a fifty day moving average price of $103.28 and a two-hundred day moving average price of $107.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. Qorvo has a 12 month low of $70.39 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the business posted $1.99 earnings per share. The firm’s quarterly revenue 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 year.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’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 transaction, the vice president now owns 21,601 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its stake in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the period. Park Place Capital Corp boosted its stake in Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares during the period. Versant Capital Management Inc boosted its stake in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC bought a new stake in shares of Qorvo during the 2nd quarter valued at $34,000. Institutional investors and hedge funds 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.