Qorvo (NASDAQ:QRVO) Cut to “Market Perform” at Raymond James

Raymond James lowered shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a market perform rating in a research note released on Wednesday morning, MarketBeat Ratings reports.

Several other equities analysts also recently commented on QRVO. JPMorgan Chase & Co. increased their target price on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Piper Sandler decreased their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. The Goldman Sachs Group boosted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Susquehanna decreased their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, Rosenblatt Securities lifted their target price on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Down 27.3 %

QRVO opened at $73.04 on Wednesday. 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 debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The stock has a market cap of $6.94 billion, a P/E ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. Qorvo has a 12 month low of $71.31 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. As a group, research analysts predict that Qorvo will post 4.84 earnings per share for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

A number of institutional investors have recently made changes to their positions in QRVO. Bessemer Group Inc. raised its holdings in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after purchasing an additional 12,666 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after buying an additional 4,072 shares during the period. Canada Pension Plan Investment Board raised its stake in Qorvo by 23.8% during the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after buying an additional 71,200 shares during the last quarter. APG Asset Management N.V. lifted its holdings in Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after buying an additional 18,178 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in Qorvo during the first quarter valued at $811,000. Institutional investors own 88.57% of the company’s stock.

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.