Qorvo (NASDAQ:QRVO) was downgraded by equities researchers at Summit Redstone from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
Other analysts have also issued research reports about the stock. Bank of America raised shares of Qorvo from an “underperform” rating to a “neutral” rating and set a $85.00 target price on the stock in a report on Thursday. Northland Securities raised shares of Qorvo from a “market perform” rating to an “outperform” rating in a report on Thursday. Mizuho reaffirmed a “neutral” rating and set a $74.00 target price (up previously from $70.00) on shares of Qorvo in a report on Thursday. Cowen reaffirmed a “market perform” rating and set a $85.00 target price (up previously from $78.00) on shares of Qorvo in a report on Thursday. Finally, Needham & Company LLC upped their target price on shares of Qorvo from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company. Qorvo has an average rating of “Hold” and an average price target of $79.60.
Qorvo (NASDAQ QRVO) traded up $11.57 during trading on Thursday, reaching $83.34. 10,468,322 shares of the company were exchanged, compared to its average volume of 2,456,179. 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 cap of $10,400.00 and a price-to-earnings ratio of -595.29. Qorvo has a twelve month low of $61.12 and a twelve month high of $85.24.
In other news, Director Roderick Nelson sold 860 shares of the company’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $69.03, for a total value of $59,365.80. Following the completion of the sale, the director now owns 3,762 shares of the company’s stock, valued at approximately $259,690.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walter H. Wilkinson sold 15,925 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,274,318.50. Following the completion of the sale, the director now directly owns 62,480 shares of the company’s stock, valued at approximately $4,999,649.60. The disclosure for this sale can be found here. Insiders sold a total of 53,096 shares of company stock valued at $3,968,257 in the last ninety days. 0.91% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC purchased a new stake in shares of Qorvo in the 3rd quarter valued at $130,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Qorvo by 79.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock valued at $159,000 after purchasing an additional 1,000 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of Qorvo by 5.1% in the 2nd 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. Achmea Investment Management B.V. purchased a new stake in shares of Qorvo in the 2nd quarter valued at $188,000. Finally, Zeke Capital Advisors LLC purchased a new stake in shares of Qorvo in the 3rd quarter valued at $206,000. 96.49% of the stock is owned by institutional investors.
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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).
