Qorvo (NASDAQ:QRVO) Cut to “Neutral” at BNP Paribas

BNP Paribas downgraded shares of Qorvo (NASDAQ:QRVO) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has $80.00 price objective on the semiconductor company’s stock.

Several other equities research analysts also recently commented on QRVO. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Craig Hallum boosted their target price on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Barclays reduced their target price on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Finally, Piper Sandler reduced their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $71.86 on Wednesday. The business has a fifty day simple moving average of $103.28 and a 200 day simple moving average of $107.48. The company has a current ratio of 1.90, a quick ratio of 1.36 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -49.22, a PEG ratio of 0.88 and a beta of 1.45. Qorvo has a one year low of $70.39 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.99 earnings per share. Sell-side analysts expect that Qorvo will post 4.84 EPS for the current year.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Qorvo

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Bessemer Group Inc. increased its stake in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after purchasing an additional 12,666 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Qorvo by 44.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after purchasing an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after purchasing an additional 71,200 shares in the last quarter. APG Asset Management N.V. increased its stake in Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in Qorvo during the 1st quarter worth approximately $811,000. 88.57% of the stock is owned by institutional investors.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.