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

Qorvo, Inc. (NASDAQ:QRVO)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $64.54 and last traded at $65.24, with a volume of 1578362 shares changing hands. The stock had previously closed at $68.69.

Analyst Ratings Changes

Several brokerages have recently commented on QRVO. Loop Capital began coverage on Qorvo in a research report on Monday, November 11th. They issued a “hold” rating and a $73.00 target price for the company. Bank of America decreased their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Wednesday, October 30th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum decreased their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $102.88.

Qorvo Stock Down 2.8 %

The firm’s 50-day simple moving average is $84.18 and its 200-day simple moving average is $101.25. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of -47.05, a price-to-earnings-growth ratio of 5.64 and a beta of 1.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

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

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of QRVO. Oddo BHF Asset Management Sas acquired a new stake in shares of Qorvo in the third quarter valued at $1,616,000. Franklin Resources Inc. increased its holdings in shares of Qorvo by 43.2% in the third quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock valued at $5,523,000 after purchasing an additional 15,925 shares in the last quarter. Tidal Investments LLC raised its position in shares of Qorvo by 188.1% during the third quarter. Tidal Investments LLC now owns 37,729 shares of the semiconductor company’s stock worth $3,897,000 after acquiring an additional 24,635 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Qorvo during the third quarter valued at $200,000. Finally, Virtu Financial LLC bought a new position in Qorvo in the third quarter valued at about $1,211,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.