Qorvo (NASDAQ:QRVO) Sets New 12-Month Low – Should You Sell?

Qorvo, Inc. (NASDAQ:QRVO) hit a new 52-week low during trading on Wednesday . The stock traded as low as $65.11 and last traded at $65.11, with a volume of 899369 shares. The stock had previously closed at $66.28.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QRVO. TD Cowen lowered their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Barclays cut their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Susquehanna decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Up 2.0 %

The stock’s 50-day simple moving average is $90.84 and its 200-day simple moving average is $103.23. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $6.55 billion, a P/E ratio of -47.16, a P/E/G ratio of 5.31 and a beta of 1.49.

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

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Qorvo

Hedge funds have recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo during the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the last quarter. New Millennium Group LLC purchased a new stake in Qorvo during the 2nd quarter valued at about $34,000. Finally, Larson Financial Group LLC lifted its stake in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares in 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.