Benchmark Reaffirms “Hold” Rating for Qorvo (NASDAQ:QRVO)

Qorvo (NASDAQ:QRVO)‘s stock had its “hold” rating restated by research analysts at Benchmark in a report released on Wednesday,Benzinga reports.

A number of other brokerages also recently commented on QRVO. Susquehanna decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. UBS Group dropped their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday, October 30th. The Goldman Sachs Group lowered their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Down 2.7 %

Shares of NASDAQ QRVO opened at $83.72 on Wednesday. The company has a market cap of $7.91 billion, a price-to-earnings ratio of -57.34, a PEG ratio of 6.98 and a beta of 1.40. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm’s fifty day moving average is $73.73 and its 200 day moving average is $91.78.

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, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 EPS. On average, equities research analysts expect that Qorvo will post 3.37 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of QRVO. Farther Finance Advisors LLC raised its holdings in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the period. V Square Quantitative Management LLC raised its stake in shares of Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after buying an additional 107 shares during the period. American Trust lifted its position in shares of Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after buying an additional 115 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in shares of Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after acquiring an additional 140 shares during the period. Finally, Narwhal Capital Management increased its holdings in Qorvo by 7.7% in the 3rd quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 160 shares in the last quarter. Hedge funds and other 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.