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

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

A number of other equities research analysts have also weighed in on QRVO. JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Craig Hallum restated a “buy” rating and issued a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Zacks Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average target price of $97.07.

Qorvo Stock Performance

Shares of Qorvo stock opened at $86.51 on Friday. The company has a 50 day moving average price of $94.67 and a 200 day moving average price of $86.58. The firm has a market capitalization of $7.63 billion, a P/E ratio of 23.90, a PEG ratio of 1.36 and a beta of 1.44. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. Qorvo has a 52 week low of $74.92 and a 52 week high of $109.49.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.48. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. During the same quarter in the previous year, the firm earned $1.42 EPS. Qorvo’s revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts expect that Qorvo will post 5.83 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares of the company’s stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 over the last ninety days. 0.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its stake 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 buying an additional 231 shares during the last quarter. Sound Income Strategies LLC raised its position in Qorvo by 952.8% during 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 in the last quarter. Advisory Services Network LLC purchased a new position in Qorvo during the third quarter valued at approximately $36,000. Elevation Wealth Partners LLC lifted its holdings in Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 310 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in Qorvo in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.