Shares of Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) traded down 5.5% during trading on Wednesday after Susquehanna lowered their price target on the stock from $145.00 to $135.00. Susquehanna currently has a neutral rating on the stock. Qorvo traded as low as $111.79 and last traded at $112.92. 744,996 shares were traded during trading, a decline of 45% from the average session volume of 1,343,294 shares. The stock had previously closed at $119.46.
Several other research firms also recently commented on QRVO. JPMorgan Chase & Co. reduced their price target on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Barclays raised their price target on shares of Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Tuesday. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. TD Cowen raised their target price on shares of Qorvo from $110.00 to $125.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Craig Hallum raised their price target on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $120.83.
Insider Activity at Qorvo
In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the transaction, the chief executive officer now owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,372 shares of company stock valued at $4,517,858. Corporate insiders own 0.46% of the company’s stock.
Hedge Funds Weigh In On Qorvo
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Qorvo in the second quarter valued at about $29,000. Park Place Capital Corp lifted its position in shares of Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC bought a new position in shares of Qorvo during the second quarter worth approximately $34,000. Institutional investors own 88.57% of the company’s stock.
Qorvo Stock Performance
The stock has a 50 day simple moving average of $112.78 and a 200 day simple moving average of $110.62. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The stock has a market cap of $11.38 billion, a P/E ratio of -164.11, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46.
Qorvo (NASDAQ:QRVO – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. Qorvo’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. On average, equities analysts expect that Qorvo, Inc. will post 5.16 earnings per share for the current year.
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.