Qorvo (NASDAQ:QRVO) Rating Lowered to Hold at StockNews.com (2024)

StockNews.com lowered shares of Qorvo (NASDAQ:QRVO - Free Report) from a buy rating to a hold rating in a research report released on Friday morning.

Several other research firms have also recently weighed in on QRVO. Benchmark decreased their target price on Qorvo from $136.00 to $128.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Mizuho decreased their target price on Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Susquehanna reduced their price objective on Qorvo from $100.00 to $95.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC reduced their price objective on Qorvo from $125.00 to $110.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Finally, Barclays reduced their price objective on Qorvo from $110.00 to $100.00 and set an equal weight rating for the company in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $110.83.

Get Our Latest Report on Qorvo

Qorvo Stock Down 0.5 %

Shares of Qorvo stock traded down $0.49 on Friday, reaching $99.49. 804,791 shares of the company were exchanged, compared to its average volume of 1,303,744. Qorvo has a 1-year low of $80.62 and a 1-year high of $121.65. The company has a market cap of $9.51 billion, a P/E ratio of -136.29, a price-to-earnings-growth ratio of 0.96 and a beta of 1.44. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The stock's 50 day moving average price is $105.06 and its 200-day moving average price is $107.02.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business's revenue for the quarter was up 48.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. As a group, equities analysts forecast that Qorvo will post 5.16 EPS for the current year.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the company's stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now owns 154,714 shares of the company's stock, valued at $15,364,647.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Qorvo news, SVP Paul J. Fego sold 2,132 shares of the company's stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $211,728.92. Following the sale, the senior vice president now owns 25,201 shares of the company's stock, valued at $2,502,711.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the company's stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock valued at $4,517,858 over the last quarter. Company insiders own 0.43% of the company's stock.

Institutional Trading of Qorvo

Several large investors have recently bought and sold shares of QRVO. Park Place Capital Corp grew its holdings in Qorvo by 398.1% in the first 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 last quarter. Riverview Trust Co purchased a new stake in shares of Qorvo in the first quarter valued at $40,000. Fidelis Capital Partners LLC purchased a new stake in shares of Qorvo in the first quarter valued at $58,000. Huntington National Bank lifted its position in shares of Qorvo by 8,090.0% in the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company's stock valued at $78,000 after acquiring an additional 809 shares in the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Qorvo in the fourth quarter valued at $104,000. Institutional investors and hedge funds own 88.57% of the company's stock.

About Qorvo

(Get Free Report)

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.

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