Qorvo (NASDAQ:QRVO) Sets New 12-Month Low on Analyst Downgrade

Shares of Qorvo, Inc. (NASDAQ:QRVO) reached a new 52-week low on Wednesday after Bank of America lowered their price target on the stock from $115.00 to $80.00. Bank of America currently has an underperform rating on the stock. Qorvo traded as low as $71.31 and last traded at $75.10, with a volume of 1904315 shares traded. The stock had previously closed at $100.48.

Several other equities analysts have also issued reports on the company. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Susquehanna reduced their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Finally, Needham & Company LLC began coverage on shares of Qorvo in a report on Monday. They set a “buy” rating and a $135.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $110.06.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Qorvo during the 2nd quarter worth approximately $29,000. Park Place Capital Corp boosted its holdings in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc increased its stake in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new stake in Qorvo during the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of -102.88, a P/E/G ratio of 1.20 and a beta of 1.45. The stock’s 50 day moving average price is $104.86 and its 200 day moving average price is $107.98. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 earnings per share. Analysts expect that Qorvo, Inc. will post 4.84 earnings per share for the current year.

Qorvo Company Profile

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.