Qorvo (NASDAQ:QRVO) Sets New 12-Month Low on Analyst Downgrade

Qorvo, Inc. (NASDAQ:QRVO) shares reached a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $120.00 to $90.00. Barclays currently has an equal weight rating on the stock. Qorvo traded as low as $71.31 and last traded at $75.10, with a volume of 1904315 shares changing hands. The stock had previously closed at $100.48.

Several other brokerages also recently commented on QRVO. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler decreased their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. UBS Group reduced their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday. The Goldman Sachs Group lifted their price target on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, Bank of America dropped their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.47.

Insider Activity

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. acquired a new stake in Qorvo in the first quarter valued at approximately $227,000. Park Place Capital Corp raised its position in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 207 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Qorvo by 65.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after purchasing an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Qorvo by 0.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after purchasing an additional 1,437 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Qorvo by 2.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock worth $1,040,000 after acquiring an additional 203 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 27.3 %

The firm has a fifty day moving average price of $104.86 and a 200 day moving average price of $107.98. The company has a market cap of $6.94 billion, a price-to-earnings ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 earnings per share. As a group, equities analysts predict that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

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.