Zacks Investment Research downgraded shares of Qorvo (NASDAQ:QRVO) from a hold rating to a sell rating in a research note published on Monday morning.
According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company operates in a competitive landscape that is becoming more complex with low barriers to entry. Moreover, Qorvo’s product mix is facing a drag in both China and India as consumers are favoring mid-tier phones, which have lower dollar content. However, Shares of the company have outperformed the industry over the past one year. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Xiaomi, Vivo and others.”
A number of other equities research analysts have also commented on QRVO. ValuEngine lowered shares of Qorvo from a buy rating to a hold rating in a report on Saturday, December 9th. Morgan Stanley increased their price objective on shares of Qorvo from $69.00 to $72.00 and gave the stock an equal weight rating in a report on Wednesday, December 13th. BidaskClub downgraded shares of Qorvo from a sell rating to a strong sell rating in a research report on Tuesday, December 12th. KeyCorp restated a hold rating on shares of Qorvo in a research report on Wednesday, October 11th. Finally, Mizuho restated a hold rating and set a $70.00 target price on shares of Qorvo in a research report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $76.89.
Shares of Qorvo (NASDAQ QRVO) traded down $2.06 during trading hours on Monday, reaching $66.34. 3,155,800 shares of the company’s stock were exchanged, compared to its average volume of 1,604,679. Qorvo has a 12-month low of $60.92 and a 12-month high of $81.20. The company has a current ratio of 3.80, a quick ratio of 2.71 and a debt-to-equity ratio of 0.20. The company has a market cap of $8,560.00 and a price-to-earnings ratio of -473.86.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting analysts’ consensus estimates of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm had revenue of $821.60 million for the quarter, compared to analyst estimates of $810.47 million. During the same quarter in the prior year, the firm earned $1.29 EPS. The company’s revenue was down 5.0% on a year-over-year basis. analysts expect that Qorvo will post 4.66 EPS for the current year.
In related news, Director Walter H. Wilkinson sold 15,925 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $80.02, for a total value of $1,274,318.50. Following the sale, the director now directly owns 62,480 shares in the company, valued at approximately $4,999,649.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel A. Dileo sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now owns 4,622 shares in the company, valued at $369,760. The disclosure for this sale can be found here. Insiders sold a total of 53,096 shares of company stock worth $3,968,257 over the last quarter. 0.91% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. Penserra Capital Management LLC acquired a new stake in Qorvo during the 3rd quarter worth approximately $130,000. Federated Investors Inc. PA raised its holdings in Qorvo by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after buying an additional 90 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Qorvo by 79.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock worth $159,000 after buying an additional 1,000 shares during the period. Advisor Group Inc. raised its holdings in Qorvo by 5.1% during the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after buying an additional 126 shares during the period. Finally, Achmea Investment Management B.V. acquired a new stake in Qorvo during the 2nd quarter worth approximately $188,000. Institutional investors and hedge funds own 96.77% of the company’s stock.
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Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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