Qorvo (NASDAQ:QRVO) Stock Price Down 3.5% – What’s Next?

Qorvo, Inc. (NASDAQ:QRVO)’s stock price traded down 3.5% on Tuesday . The stock traded as low as $92.32 and last traded at $92.01. Approximately 136,551 shares changed hands during trading, a decline of 89% from the average session volume of 1,261,575 shares. The stock had previously closed at $95.37.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Craig Hallum reissued a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. UBS Group boosted their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.00.

Qorvo Stock Up 0.8%

The firm has a 50 day moving average of $92.04 and a 200-day moving average of $88.82. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The stock has a market capitalization of $8.39 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities research analysts expect that Qorvo, Inc. will post 6.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Grant Brown sold 5,179 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $504,952.50. Following the completion of the sale, the chief financial officer directly owned 49,268 shares in the company, valued at $4,803,630. This trade represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,968,623 shares of company stock worth $199,138,818 over the last three months. 0.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its holdings in Qorvo by 215.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 231 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Qorvo in the 2nd quarter worth approximately $32,000. Advisory Services Network LLC acquired a new position in shares of Qorvo in the 3rd quarter worth approximately $36,000. Elevation Wealth Partners LLC lifted its position in shares of Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after buying an additional 310 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after buying an additional 180 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

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.