Qorvo, Inc. (QRVO) Rating Lowered to Market Perform at Northland Securities

Qorvo, Inc. (NASDAQ:QRVO) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued on Thursday.

QRVO has been the subject of a number of other reports. BidaskClub upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Craig Hallum lowered Qorvo from a “buy” rating to a “hold” rating and lowered their price target for the stock from $78.00 to $71.00 in a research note on Thursday. KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a research note on Wednesday, October 11th. Canaccord Genuity lifted their price target on Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Finally, TheStreet lowered Qorvo from a “b” rating to a “c” rating in a research note on Wednesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have given a buy rating to the company. Qorvo presently has an average rating of “Hold” and an average target price of $73.81.

Qorvo (QRVO) traded down $0.62 during trading on Thursday, hitting $73.84. The stock had a trading volume of 2,868,925 shares, compared to its average volume of 1,147,466. The firm has a market capitalization of $9.46 billion, a PE ratio of 18.58, a PEG ratio of 1.19 and a beta of 1.03. The company has a quick ratio of 2.75, a current ratio of 3.80 and a debt-to-equity ratio of 0.20.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. The business had revenue of $821.60 million during the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The business’s revenue was down 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.29 earnings per share. equities analysts predict that Qorvo will post 4.83 earnings per share for the current fiscal year.

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In other news, insider Robert A. Bruggeworth sold 4,320 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $68.19, for a total value of $294,580.80. Following the transaction, the insider now owns 206,925 shares of the company’s stock, valued at approximately $14,110,215.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP James L. Klein sold 4,120 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $68.41, for a total value of $281,849.20. Following the completion of the transaction, the vice president now directly owns 36,358 shares in the company, valued at approximately $2,487,250.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,080 shares of company stock worth $4,788,693. Corporate insiders own 0.91% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC acquired a new position in shares of Qorvo in the 3rd quarter valued at $130,000. Federated Investors Inc. PA lifted its stake in shares of Qorvo by 4.0% in the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 90 shares during the last quarter. NEXT Financial Group Inc lifted its stake in shares of Qorvo by 2.1% in the 2nd quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after purchasing an additional 49 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Qorvo by 79.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Advisor Group Inc. lifted its stake in shares of Qorvo by 5.1% in the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after purchasing an additional 126 shares during the last quarter. 94.12% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Company Profile

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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