Qorvo, Inc. (NASDAQ:QRVO) Stock Now Rated “Hold” by Wall Street Brokerages

Qorvo, Inc. (NASDAQ:QRVO) has been given a consensus recommendation of “Hold” by the eighteen brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $94.00.

A number of research firms have commented on QRVO. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. UBS Group upped their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. TD Cowen reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. Finally, Citigroup lowered their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th.

Insiders Place Their Bets

In related news, SVP Steven E. Creviston sold 4,810 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $485,184.70. Following the transaction, the senior vice president directly owned 119,451 shares of the company’s stock, valued at $12,049,022.37. This represents a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Philip Chesley sold 5,487 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the transaction, the senior vice president directly owned 44,021 shares in the company, valued at approximately $4,292,047.50. The trade was a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 62,309 shares of company stock valued at $6,304,642. Corporate insiders own 0.49% of the company’s stock.

Institutional Trading of Qorvo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 35.3% during the third quarter. Versant Capital Management Inc now owns 6,449 shares of the semiconductor company’s stock worth $738,000 after purchasing an additional 1,682 shares during the period. QRG Capital Management Inc. boosted its position in Qorvo by 5.6% in the second quarter. QRG Capital Management Inc. now owns 9,786 shares of the semiconductor company’s stock valued at $913,000 after buying an additional 521 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Qorvo by 5.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 62,436 shares of the semiconductor company’s stock worth $5,823,000 after buying an additional 3,161 shares during the period. State Street Corp increased its holdings in Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company’s stock worth $356,640,000 after buying an additional 180,500 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Qorvo by 115.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,518 shares of the semiconductor company’s stock worth $888,000 after buying an additional 5,102 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO stock opened at $112.50 on Tuesday. Qorvo has a 12-month low of $74.92 and a 12-month high of $121.09. The business’s fifty day simple moving average is $103.43 and its 200-day simple moving average is $94.44. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The company has a market cap of $9.92 billion, a PE ratio of 26.10, a PEG ratio of 1.98 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The firm had revenue of $784.79 million during the quarter, compared to analysts’ expectations of $743.28 million. During the same quarter last year, the firm earned $0.92 EPS. The business’s quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts expect that Qorvo will post 6.42 earnings per share for the current fiscal year.

About Qorvo

Qorvo, Inc is a semiconductor company that develops radio-frequency (RF) and power-management solutions for connected devices and electronic systems. Its products help transmit, receive, amplify, filter and manage wireless signals across a range of communications and industrial applications.

The company provides RF modules, integrated circuits, discrete components, filters, amplifiers, switches and related technologies. These products support smartphones and other mobile devices, wireless infrastructure, Wi-Fi and broadband equipment, automotive systems, the Internet of Things, consumer electronics, and aerospace and defense applications.

Qorvo was formed in 2015 through the merger of RF Micro Devices and TriQuint Semiconductor.