Qorvo (NASDAQ:QRVO) Coverage Initiated by Analysts at Loop Capital

Loop Capital assumed coverage on shares of Qorvo (NASDAQ:QRVO) in a research report released on Monday morning, Marketbeat Ratings reports. The firm issued a hold rating and a $73.00 price objective on the semiconductor company’s stock.

QRVO has been the topic of a number of other research reports. Susquehanna 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, October 30th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday, October 30th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. TD Cowen decreased their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Finally, Barclays dropped their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Price Performance

Shares of Qorvo stock opened at $66.30 on Monday. The business has a 50 day moving average of $94.75 and a 200 day moving average of $104.68. Qorvo has a 52 week low of $65.35 and a 52 week high of $130.99. The company has a market cap of $6.27 billion, a PE ratio of -45.41, a P/E/G ratio of 5.39 and a beta of 1.49. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.99 EPS. As a group, equities research analysts forecast that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Paloma Partners Management Co bought a new position in shares of Qorvo in the 3rd quarter worth approximately $5,165,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Qorvo in the third quarter worth approximately $226,000. Kestra Investment Management LLC boosted its stake in shares of Qorvo by 61.6% during the 3rd quarter. Kestra Investment Management LLC now owns 6,403 shares of the semiconductor company’s stock worth $661,000 after acquiring an additional 2,441 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Qorvo during the 3rd quarter valued at $12,011,000. Finally, Maverick Capital Ltd. increased its stake in shares of Qorvo by 2.5% in the 3rd quarter. Maverick Capital Ltd. now owns 18,339 shares of the semiconductor company’s stock worth $1,894,000 after purchasing an additional 452 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.