KeyCorp Reaffirms “Hold” Rating for Qorvo, Inc. (QRVO)

Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “hold” rating restated by research analysts at KeyCorp in a research note issued on Wednesday.

A number of other brokerages also recently issued reports on QRVO. Nomura started coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price objective on the stock. Cowen and Company restated a “hold” rating and set a $85.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. Mizuho restated a “hold” rating and set a $70.00 price objective on shares of Qorvo in a research report on Monday. Needham & Company LLC restated a “buy” rating and set a $86.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. Finally, Zacks Investment Research downgraded Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Qorvo presently has an average rating of “Hold” and an average price target of $73.45.

Qorvo (NASDAQ:QRVO) traded down 0.53% during trading on Wednesday, reaching $72.55. The company had a trading volume of 513,455 shares. The company’s market capitalization is $9.23 billion. Qorvo has a one year low of $48.28 and a one year high of $79.34. The firm’s 50 day moving average is $71.92 and its 200 day moving average is $70.63.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The business had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. During the same period in the prior year, the business posted $1.08 earnings per share. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, equities research analysts predict that Qorvo will post $5.53 earnings per share for the current year.

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In related news, Director John R. Harding sold 3,260 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $71.79, for a total value of $234,035.40. Following the transaction, the director now owns 6,322 shares of the company’s stock, valued at $453,856.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $66.94, for a total value of $401,640.00. Following the completion of the transaction, the vice president now directly owns 114,733 shares in the company, valued at approximately $7,680,227.02. The disclosure for this sale can be found here. In the last three months, insiders sold 62,080 shares of company stock worth $4,395,363. 0.91% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Achmea Investment Management B.V. bought a new position in Qorvo in the second quarter worth approximately $188,000. Sentry Investment Management LLC grew its stake in Qorvo by 1.4% in the second quarter. Sentry Investment Management LLC now owns 6,648 shares of the semiconductor company’s stock worth $421,000 after purchasing an additional 95 shares in the last quarter. Toronto Dominion Bank grew its stake in Qorvo by 26.1% in the second quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock worth $2,725,000 after purchasing an additional 8,911 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Qorvo in the second quarter worth approximately $933,000. Finally, Verition Fund Management LLC bought a new position in Qorvo in the second quarter worth approximately $1,300,000. 94.34% of the stock is currently owned by institutional investors.

About Qorvo

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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