Qorvo Inc. (QRVO) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Qorvo boasts the industry’s most comprehensive product portfolio, advanced technologies, and system-level expertise. Qorvo's RF Flex solutions deliver the best-in-class current consumption to enable superior device performance and leading-edge design flexibility to simplify regional customization. The acquisition of GreenPeak is likely to be accretive for the company. Meanwhile, estimates have been stable lately ahead of the company's Q2 earnings relaese. The company has positive record of earnings surprises in recent quarters. However, Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Higher R&D costs in order to continuously develop new products for high technological obsolescence increase operating costs and shrink margins for the company.”
QRVO has been the subject of several other research reports. Pacific Crest reissued an equal weight rating on shares of Qorvo in a report on Monday, August 29th. Brean Capital reissued a buy rating on shares of Qorvo in a report on Wednesday, September 21st. Citigroup Inc. raised shares of Qorvo from a sell rating to a neutral rating and increased their price objective for the company from $40.00 to $57.00 in a report on Thursday, June 9th. Cowen and Company increased their price objective on shares of Qorvo from $55.00 to $65.00 and gave the company an outperform rating in a report on Friday, July 22nd. Finally, Drexel Hamilton reissued a buy rating on shares of Qorvo in a report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Qorvo has a consensus rating of Hold and a consensus target price of $61.97.
Qorvo (NASDAQ:QRVO) opened at 56.64 on Tuesday. Qorvo has a one year low of $33.30 and a one year high of $64.80. The company’s 50-day moving average price is $55.73 and its 200-day moving average price is $53.25. The stock’s market cap is $7.24 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The business earned $697.60 million during the quarter, compared to the consensus estimate of $650.62 million. During the same quarter in the prior year, the firm earned $1.09 EPS. The business’s revenue was up 3.7% on a year-over-year basis. Analysts forecast that Qorvo will post $5.09 EPS for the current fiscal year.
In other Qorvo news, Director Walden C. Rhines acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were bought at an average cost of $54.02 per share, with a total value of $270,100.00. Following the completion of the acquisition, the director now directly owns 26,708 shares in the company, valued at approximately $1,442,766.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert A. Bruggeworth sold 10,000 shares of Qorvo stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $59.50, for a total transaction of $595,000.00. Following the transaction, the chief executive officer now directly owns 229,524 shares in the company, valued at $13,656,678. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Wunderlich Capital Managemnt acquired a new position in shares of Qorvo during the first quarter valued at about $109,000. Advisor Group Inc. purchased a new stake in shares of Qorvo during the second quarter valued at $145,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Qorvo during the second quarter valued at $206,000. Advisor Partners LLC purchased a new stake in shares of Qorvo during the first quarter valued at $210,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of Qorvo during the second quarter valued at $216,000. 87.10% of the stock is currently owned by institutional investors.
Qorvo Company Profile
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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