Qorvo Inc. (NASDAQ:QRVO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Qorvo boasts the industry’s most comprehensive product portfolio, advanced technologies, and system-level expertise. Qorvo's RF Flex solutions deliver the best-in-class current consumption to enable superior device performance and leading-edge design flexibility to simplify regional customization. The acquisition of GreenPeak is likely to be accretive for the company. Meanwhile, estimates have been stable lately ahead of the company's Q2 earnings relaese. The company has positive record of earnings surprises in recent quarters. However, Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Higher R&D costs in order to continuously develop new products for high technological obsolescence increase operating costs and shrink margins for the company.”
QRVO has been the subject of several other research reports. Craig Hallum lifted their price target on Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. MKM Partners lifted their price target on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. DA Davidson dropped their price target on Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 3rd. Mizuho lifted their price target on Qorvo from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. lifted their price target on Qorvo from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $61.97.
Qorvo (NASDAQ:QRVO) traded up 0.09% during midday trading on Tuesday, reaching $54.20. The company had a trading volume of 597,638 shares. The stock’s market capitalization is $6.93 billion. The company has a 50-day moving average price of $55.73 and a 200-day moving average price of $53.16. Qorvo has a one year low of $33.30 and a one year high of $64.80.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.03. The company earned $697.60 million during the quarter, compared to analyst estimates of $650.62 million. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $1.09 earnings per share. On average, equities analysts expect that Qorvo will post $5.09 earnings per share for the current year.
In other Qorvo news, Director Walden C. Rhines acquired 5,000 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were acquired at an average cost of $54.02 per share, with a total value of $270,100.00. Following the transaction, the director now owns 26,708 shares of the company’s stock, valued at approximately $1,442,766.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director C Scott Gibson sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $54.45, for a total value of $65,340.00. Following the completion of the transaction, the director now directly owns 8,092 shares in the company, valued at $440,609.40. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its position in Qorvo by 138.5% in the second quarter. Alliancebernstein L.P. now owns 1,960,083 shares of the company’s stock valued at $108,314,000 after buying an additional 1,138,109 shares during the period. Systematic Financial Management LP boosted its position in Qorvo by 377.5% in the second quarter. Systematic Financial Management LP now owns 1,129,787 shares of the company’s stock valued at $62,432,000 after buying an additional 893,164 shares during the period. Wellington Management Group LLP boosted its position in Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock valued at $83,131,000 after buying an additional 767,554 shares during the period. JPMorgan Chase & Co. boosted its position in Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock valued at $75,409,000 after buying an additional 504,602 shares during the period. Finally, Southpoint Capital Advisors LP acquired a new position in Qorvo during the first quarter valued at about $23,945,000. 87.10% of the stock is currently owned by institutional investors and hedge funds.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Qorvo Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo Inc. and related companies with MarketBeat.com's FREE daily email newsletter.