Qorvo, Inc. (QRVO) Lowered to Strong Sell at Zacks Investment Research
Qorvo, Inc. (NASDAQ:QRVO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.
According to Zacks, “Qorvo’s tepid first-quarter 2018 guidance primarily reflects weaker-than-expected demand in China. Moreover, higher research & development expense related to custom product development for its largest customers is a concern. We also believe that a probable delay in the launch of Apple iPhone 8 doesn’t bode well for the company. Further, increasing competition remains a major concern. Notably, Qorvo has underperformed the Zacks categorized Semiconductors-Radio Frequency industry over the last 12-months. Nevertheless, the company’s expanding product portfolio is a key positive. Additionally, increased BAW-based product mix, higher utilization rates, and ongoing productivity & quality improvements are key catalysts.”
A number of other analysts have also recently weighed in on QRVO. Raymond James Financial, Inc. assumed coverage on Qorvo in a research report on Friday, June 16th. They issued an “outperform” rating and a $87.00 price objective for the company. J P Morgan Chase & Co reissued a “buy” rating on shares of Qorvo in a research report on Saturday, April 1st. MKM Partners reissued a “buy” rating and issued a $90.00 price objective (up previously from $78.00) on shares of Qorvo in a research report on Tuesday, May 30th. BMO Capital Markets reissued a “hold” rating and issued a $63.00 price objective on shares of Qorvo in a research report on Monday, June 12th. Finally, BidaskClub cut Qorvo from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 16th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $69.36.
Qorvo (NASDAQ QRVO) opened at 70.86 on Wednesday. The stock has a 50 day moving average price of $73.54 and a 200 day moving average price of $66.13. Qorvo has a 1-year low of $48.28 and a 1-year high of $79.34. The stock’s market cap is $9.01 billion.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The business had revenue of $643 million for the quarter, compared to analysts’ expectations of $632.12 million. Qorvo had a positive return on equity of 10.39% and a negative net margin of 0.55%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 EPS. On average, analysts predict that Qorvo will post $5.61 EPS for the current fiscal year.
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In other Qorvo news, insider Robert A. Bruggeworth sold 27,840 shares of Qorvo stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $77.87, for a total transaction of $2,167,900.80. Following the completion of the transaction, the insider now owns 238,682 shares in the company, valued at approximately $18,586,167.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP James L. Klein sold 2,600 shares of Qorvo stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $65.81, for a total value of $171,106.00. Following the transaction, the vice president now owns 36,808 shares of the company’s stock, valued at approximately $2,422,334.48. The disclosure for this sale can be found here. Insiders have sold a total of 108,612 shares of company stock valued at $8,047,002 in the last quarter. Company insiders own 1.14% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in QRVO. Cavalier Investments LLC raised its position in Qorvo by 1.1% in the fourth quarter. Cavalier Investments LLC now owns 5,562 shares of the semiconductor company’s stock worth $293,000 after buying an additional 63 shares during the last quarter. Amalgamated Bank raised its position in Qorvo by 0.7% in the first quarter. Amalgamated Bank now owns 9,040 shares of the semiconductor company’s stock worth $620,000 after buying an additional 64 shares during the last quarter. Concert Wealth Management Inc. raised its position in Qorvo by 1.3% in the third quarter. Concert Wealth Management Inc. now owns 6,861 shares of the semiconductor company’s stock worth $383,000 after buying an additional 89 shares during the last quarter. Comerica Bank raised its position in Qorvo by 0.3% in the first quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock worth $2,195,000 after buying an additional 91 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Qorvo by 0.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 20,404 shares of the semiconductor company’s stock worth $1,128,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 96.33% 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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