Qorvo (QRVO) Cut to “Sell” at BidaskClub

BidaskClub lowered shares of Qorvo (NASDAQ:QRVO) from a hold rating to a sell rating in a report published on Saturday.

A number of other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. set a $88.00 price target on Qorvo and gave the stock a buy rating in a research note on Wednesday, November 15th. Craig Hallum lowered Qorvo from a buy rating to a hold rating and cut their price target for the stock from $78.00 to $71.00 in a research note on Thursday, November 2nd. Zacks Investment Research lowered Qorvo from a hold rating to a sell rating in a research note on Monday, January 22nd. Canaccord Genuity increased their price objective on shares of Qorvo from $81.00 to $87.00 and gave the company a buy rating in a report on Thursday, November 2nd. Finally, Northland Securities downgraded shares of Qorvo from an outperform rating to a market perform rating in a report on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. Qorvo currently has a consensus rating of Hold and a consensus target price of $80.42.

Shares of Qorvo (QRVO) opened at $77.31 on Friday. Qorvo has a 12 month low of $62.68 and a 12 month high of $85.24. The company has a quick ratio of 3.62, a current ratio of 4.72 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $9,780.00, a price-to-earnings ratio of 368.14, a price-to-earnings-growth ratio of 1.36 and a beta of 1.05.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.60 by $0.09. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The business had revenue of $845.70 million during the quarter, compared to analyst estimates of $841.09 million. During the same quarter in the prior year, the business posted $1.35 EPS. Qorvo’s revenue for the quarter was up 2.3% compared to the same quarter last year. equities analysts expect that Qorvo will post 4.49 earnings per share for the current fiscal year.

In related news, Director Walter H. Wilkinson sold 15,925 shares of the 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 completion of the transaction, the director now owns 62,480 shares of the company’s stock, valued at approximately $4,999,649.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $78.97, for a total transaction of $473,820.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,996 shares of company stock valued at $3,193,399. 0.91% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank lifted its holdings in shares of Qorvo by 26.1% in the 2nd quarter. Toronto Dominion Bank now owns 43,048 shares of the semiconductor company’s stock valued at $2,725,000 after acquiring an additional 8,911 shares during the last quarter. F&V Capital Management LLC lifted its holdings in shares of Qorvo by 34.4% in the 4th quarter. F&V Capital Management LLC now owns 68,200 shares of the semiconductor company’s stock valued at $4,542,000 after acquiring an additional 17,460 shares during the last quarter. Janus Henderson Group PLC raised its position in Qorvo by 424.0% in the 2nd quarter. Janus Henderson Group PLC now owns 77,882 shares of the semiconductor company’s stock worth $4,932,000 after purchasing an additional 63,019 shares during the period. Clear Harbor Asset Management LLC raised its position in Qorvo by 39.8% in the 4th quarter. Clear Harbor Asset Management LLC now owns 84,212 shares of the semiconductor company’s stock worth $5,609,000 after purchasing an additional 23,996 shares during the period. Finally, Kalos Management Inc. purchased a new stake in Qorvo in the 3rd quarter worth about $525,000. 96.61% of the stock is owned by hedge funds and other institutional investors.

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About Qorvo

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).

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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