Northland Securities Downgrades Qorvo, Inc. (QRVO) to Market Perform
Northland Securities cut shares of Qorvo, Inc. (NASDAQ:QRVO) from an outperform rating to a market perform rating in a report released on Thursday, MarketBeat.com reports.
Several other equities analysts also recently weighed in on the company. Craig Hallum downgraded Qorvo from a buy rating to a hold rating and reduced their price target for the company from $78.00 to $71.00 in a report on Thursday. KeyCorp reaffirmed a hold rating on shares of Qorvo in a research report on Wednesday, October 11th. Mizuho reaffirmed a hold rating and set a $70.00 price objective on shares of Qorvo in a research report on Monday, October 9th. Cowen and Company reaffirmed a hold rating and set a $85.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. Finally, Needham & Company LLC reissued a buy rating and issued a $86.00 target price on shares of Qorvo in a research report on Sunday, September 17th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $75.26.
Qorvo (NASDAQ QRVO) traded up $4.63 on Thursday, reaching $78.47. The company’s stock had a trading volume of 1,494,566 shares, compared to its average volume of 1,150,000. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.71 and a current ratio of 3.80. The company has a market capitalization of $9,770.00 and a P/E ratio of 18.46. Qorvo has a twelve month low of $48.28 and a twelve month high of $79.34.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The business had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same quarter in the prior year, the company earned $1.29 earnings per share. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. sell-side analysts predict that Qorvo will post 4.77 EPS for the current fiscal year.
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In other news, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $72.27, for a total transaction of $433,620.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $72.27, for a total value of $361,350.00. The disclosure for this sale can be found here. Insiders have sold 67,080 shares of company stock worth $4,788,693 in the last quarter. Insiders own 0.91% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Penserra Capital Management LLC acquired a new position in Qorvo in the 3rd quarter valued at $130,000. Federated Investors Inc. PA increased its holdings in shares of 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 last quarter. NEXT Financial Group Inc increased its holdings in Qorvo by 2.1% in the 2nd quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after purchasing an additional 49 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in Qorvo by 79.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Advisor Group Inc. increased its holdings in Qorvo by 5.1% in the 2nd quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after purchasing an additional 126 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.
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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