Qorvo (NASDAQ:QRVO) Sets New 12-Month Low – Here’s What Happened

Qorvo, Inc. (NASDAQ:QRVO)’s stock price hit a new 52-week low during trading on Friday . The stock traded as low as $70.35 and last traded at $70.40, with a volume of 368439 shares. The stock had previously closed at $72.06.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. UBS Group reduced their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Benchmark cut Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Piper Sandler cut their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Finally, BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $104.75.

Qorvo Stock Down 2.4 %

The firm has a market capitalization of $6.65 billion, a P/E ratio of -48.18, a PEG ratio of 5.84 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm’s 50-day moving average is $98.21 and its 200 day moving average is $105.94.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 earnings per share. As a group, equities research analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Insider Activity

In related 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 transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of QRVO. Capital Research Global Investors raised its stake in shares of Qorvo by 2.1% during the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after purchasing an additional 93,068 shares in the last quarter. Vulcan Value Partners LLC increased its holdings in Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after buying an additional 550,111 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Qorvo by 17,255.9% during the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after buying an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Qorvo by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after acquiring an additional 4,386 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

About Qorvo

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.