Qorvo’s (QRVO) Hold Rating Reaffirmed at Benchmark

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

Other research analysts also recently issued reports about the company. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Wednesday, October 30th. Craig Hallum decreased their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Needham & Company LLC began coverage on Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price for the company. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.84.

Qorvo Trading Down 2.7 %

Qorvo stock opened at $83.72 on Wednesday. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99. The firm’s 50 day moving average price is $73.73 and its 200-day moving average price is $91.78. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The stock has a market cap of $7.91 billion, a P/E ratio of -57.34, a PEG ratio of 6.98 and a beta of 1.40.

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

Insider Buying and Selling

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, 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 document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Public Sector Pension Investment Board grew its holdings in Qorvo by 65.5% in the second quarter. Public Sector Pension Investment Board now owns 3,645 shares of the semiconductor company’s stock worth $423,000 after purchasing an additional 1,443 shares during the last quarter. MBB Public Markets I LLC purchased a new position in Qorvo during the 2nd quarter worth $817,000. The Manufacturers Life Insurance Company grew its stake in Qorvo by 0.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 76,858 shares of the semiconductor company’s stock worth $8,919,000 after buying an additional 308 shares during the last quarter. Mackenzie Financial Corp increased its position in Qorvo by 24.7% during the 2nd quarter. Mackenzie Financial Corp now owns 26,279 shares of the semiconductor company’s stock valued at $3,049,000 after buying an additional 5,199 shares in the last quarter. Finally, Algert Global LLC raised its stake in Qorvo by 17.3% in the second quarter. Algert Global LLC now owns 2,300 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 340 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.