Qorvo (QRVO) Cut to Strong Sell at BidaskClub

BidaskClub lowered shares of Qorvo (NASDAQ:QRVO) from a sell rating to a strong sell rating in a report published on Tuesday.

Several other analysts have also issued reports on the company. J P Morgan Chase & Co set a $88.00 price target on Qorvo and gave the company a buy rating in a report on Wednesday, November 15th. Craig Hallum lowered Qorvo from a buy rating to a hold rating and cut their price target for the company from $78.00 to $71.00 in a report on Thursday, November 2nd. Nomura started coverage on Qorvo in a report on Tuesday, September 5th. They set a neutral rating and a $75.00 price target for the company. Instinet started coverage on Qorvo in a report on Wednesday, September 6th. They set a neutral rating and a $75.00 price target for the company. Finally, Canaccord Genuity boosted their price target on Qorvo from $81.00 to $87.00 and gave the company a buy rating in a report on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $76.89.

Qorvo (NASDAQ:QRVO) traded up $0.28 during trading hours on Tuesday, reaching $65.51. The company’s stock had a trading volume of 1,869,005 shares, compared to its average volume of 1,512,995. Qorvo has a twelve month low of $52.05 and a twelve month high of $81.20. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $8,555.79, a price-to-earnings ratio of 16.82, a PEG ratio of 1.13 and a beta of 1.02.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The business had revenue of $821.60 million during the quarter, compared to analyst estimates of $810.47 million. During the same quarter in the previous year, the company posted $1.29 earnings per share. Qorvo’s revenue for the quarter was down 5.0% on a year-over-year basis. equities analysts anticipate that Qorvo will post 4.74 earnings per share for the current year.

In other Qorvo news, VP Gina Harrison sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $71.53, for a total transaction of $71,530.00. Following the sale, the vice president now directly owns 15,954 shares in the company, valued at $1,141,189.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roderick Nelson sold 860 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $69.03, for a total value of $59,365.80. Following the sale, the director now owns 3,762 shares in the company, valued at $259,690.86. The disclosure for this sale can be found here. Insiders sold 49,696 shares of company stock worth $3,798,341 over the last quarter. 0.91% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Penserra Capital Management LLC purchased a new stake in Qorvo during the third quarter valued at approximately $130,000. Harel Insurance Investments & Financial Services Ltd. raised its position in Qorvo by 79.9% during the third 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 period. Federated Investors Inc. PA raised its position in Qorvo by 4.0% during the second 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 period. Advisor Group Inc. raised its position in Qorvo by 5.1% during the second 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 period. Finally, Global X Management Co. LLC raised its position in Qorvo by 400.9% during the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after purchasing an additional 2,237 shares during the period. Institutional investors and hedge funds own 96.74% of the company’s stock.

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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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