Qorvo (QRVO) Stock Rating Lowered by Zacks Investment Research

Qorvo (NASDAQ:QRVO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.

According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company operates in a competitive landscape that is becoming more complex with low barriers to entry. Moreover, Qorvo’s product mix is facing a drag in both China and India as consumers are favoring mid-tier phones, which have lower dollar content. However, Shares of the company have outperformed the industry over the past one year. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Xiaomi, Vivo and others.”

A number of other equities analysts have also commented on the company. Morgan Stanley raised their price target on Qorvo from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. BidaskClub lowered Qorvo from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 12th. ValuEngine lowered Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, December 9th. JPMorgan Chase & Co. set a $88.00 price target on Qorvo and gave the stock a “buy” rating in a report on Wednesday, November 15th. Finally, Citigroup raised their price target on Qorvo from $69.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $76.89.

Qorvo (NASDAQ:QRVO) traded down $2.06 during trading on Monday, hitting $66.34. The stock had a trading volume of 3,147,624 shares, compared to its average volume of 1,604,086. Qorvo has a 52-week low of $60.92 and a 52-week high of $81.20. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $8,440.00 and a price-to-earnings ratio of -473.86.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The firm had revenue of $821.60 million during the quarter, compared to analyst estimates of $810.47 million. During the same period last year, the company earned $1.29 earnings per share. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. research analysts forecast that Qorvo will post 4.66 earnings per share for the current year.

In other Qorvo news, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $77.58, for a total transaction of $201,708.00. Following the sale, the vice president now owns 42,993 shares in the company, valued at $3,335,396.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter H. Wilkinson sold 15,925 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $80.02, for a total value of $1,274,318.50. Following the sale, the director now owns 62,480 shares in the company, valued at approximately $4,999,649.60. The disclosure for this sale can be found here. Insiders have sold 53,096 shares of company stock valued at $3,968,257 in the last three months. 0.91% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Investors Inc. PA raised its position in Qorvo by 4.0% during the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 90 shares in the last quarter. Sentry Investment Management LLC raised its position in Qorvo by 1.4% during the second quarter. Sentry Investment Management LLC now owns 6,648 shares of the semiconductor company’s stock valued at $421,000 after purchasing an additional 95 shares in the last quarter. Advisor Group Inc. raised its position in Qorvo by 5.1% during the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock valued at $164,000 after purchasing an additional 126 shares in the last quarter. Stifel Financial Corp raised its position in Qorvo by 2.3% during the second quarter. Stifel Financial Corp now owns 13,080 shares of the semiconductor company’s stock valued at $830,000 after purchasing an additional 298 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA raised its position in Qorvo by 4.8% during the third quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 18,806 shares of the semiconductor company’s stock valued at $1,329,000 after purchasing an additional 863 shares in the last quarter. Institutional investors and hedge funds own 96.77% of the company’s stock.

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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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