Qorvo, Inc. (QRVO) Stock Rating Lowered by Craig Hallum
Craig Hallum downgraded shares of Qorvo, Inc. (NASDAQ:QRVO) from a buy rating to a hold rating in a report published on Thursday, MarketBeat reports. They currently have $71.00 price target on the semiconductor company’s stock, down from their previous price target of $78.00.
Several other brokerages also recently weighed in on QRVO. Nomura started coverage on Qorvo in a research note on Tuesday, September 5th. They issued a neutral rating and a $75.00 target price on the stock. Cowen and Company reiterated a hold rating and issued a $85.00 target price on shares of Qorvo in a research note on Sunday, September 17th. Mizuho reiterated a hold rating and issued a $70.00 target price on shares of Qorvo in a research note on Monday, October 9th. Needham & Company LLC reiterated a buy rating and issued a $86.00 target price on shares of Qorvo in a research note on Sunday, September 17th. Finally, Zacks Investment Research downgraded Qorvo from a hold rating to a sell rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have issued a buy rating to the company. Qorvo has an average rating of Hold and a consensus price target of $75.26.
Qorvo (NASDAQ QRVO) opened at $73.84 on Thursday. The stock has a market capitalization of $9,388.62, a P/E ratio of 18.46, a P/E/G ratio of 1.24 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $821.60 million for the quarter, compared to analyst estimates of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The firm’s revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 earnings per share. research analysts predict that Qorvo will post 4.77 earnings per share for the current fiscal year.
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In other Qorvo news, VP Gina Harrison sold 5,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $73.41, for a total transaction of $367,050.00. Following the sale, the vice president now directly owns 17,230 shares in the company, valued at $1,264,854.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $72.27, for a total value of $433,620.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,080 shares of company stock worth $4,788,693. 0.91% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Qorvo by 16.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock worth $27,452,000 after purchasing an additional 59,712 shares in the last quarter. American Century Companies Inc. purchased a new stake in Qorvo during the second quarter worth $814,000. CHURCHILL MANAGEMENT Corp boosted its position in Qorvo by 25.7% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock worth $2,369,000 after purchasing an additional 7,661 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Qorvo by 0.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 38,123 shares of the semiconductor company’s stock worth $2,414,000 after acquiring an additional 300 shares during the last quarter. Finally, Toronto Dominion Bank raised its holdings in shares of 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 acquiring an additional 8,911 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.
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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