Qorvo (NASDAQ:QRVO) Rating Lowered to Hold at Wall Street Zen

Qorvo (NASDAQ:QRVO) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price objective on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. UBS Group boosted their price target on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Zacks Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Mizuho reaffirmed an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Three research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average price target of $97.07.

Qorvo Price Performance

Shares of Qorvo stock opened at $86.51 on Friday. The company has a 50-day simple moving average of $94.67 and a two-hundred day simple moving average of $86.57. The stock has a market capitalization of $7.63 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44. Qorvo has a 52-week low of $74.92 and a 52-week high of $109.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. The firm had revenue of $808.28 million for the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts anticipate that Qorvo will post 5.83 EPS for the current fiscal year.

Insider Activity at Qorvo

In related news, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the senior vice president owned 71,038 shares in the company, valued at $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gina Harrison sold 4,714 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $471,400.00. Following the completion of the sale, the vice president owned 24,429 shares in the company, valued at $2,442,900. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 in the last three months. 0.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Smartleaf Asset Management LLC grew its holdings in shares of Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 231 shares during the period. Sound Income Strategies LLC lifted its holdings in Qorvo by 952.8% in the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 343 shares during the period. Advisory Services Network LLC bought a new position in Qorvo in the third quarter valued at about $36,000. Elevation Wealth Partners LLC boosted its position in Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 310 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Qorvo in the fourth quarter worth about $39,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.