Qorvo (NASDAQ:QRVO) Downgraded by Barclays to “Equal Weight”

Barclays cut shares of Qorvo (NASDAQ:QRVO) from an overweight rating to an equal weight rating in a report issued on Thursday, June 6th, Benzinga reports. The brokerage currently has $60.00 price target on the semiconductor company’s stock, down from their previous price target of $70.00.

QRVO has been the topic of several other reports. Canaccord Genuity lowered shares of Qorvo from a buy rating to a hold rating and cut their target price for the stock from $77.00 to $70.00 in a research note on Friday, February 8th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $75.00 price objective on shares of Qorvo in a research note on Friday, February 8th. ValuEngine lowered shares of Qorvo from a hold rating to a sell rating in a research report on Friday, February 8th. BidaskClub downgraded shares of Qorvo from a hold rating to a sell rating in a report on Wednesday, February 20th. Finally, Needham & Company LLC restated a buy rating and set a $70.00 price objective on shares of Qorvo in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $75.52.

Shares of Qorvo stock traded up $3.97 on Thursday, reaching $70.58. 2,869,929 shares of the stock were exchanged, compared to its average volume of 1,452,873. The firm’s 50 day simple moving average is $64.58. Qorvo has a one year low of $54.74 and a one year high of $86.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 3.87. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 2.03 and a beta of 1.08.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The business had revenue of $680.88 million during the quarter, compared to analysts’ expectations of $670.59 million. During the same period in the prior year, the company earned $1.07 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts predict that Qorvo will post 4.12 earnings per share for the current fiscal year.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $77.16, for a total transaction of $147,684.24. Following the completion of the transaction, the vice president now owns 45,374 shares of the company’s stock, valued at $3,501,057.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $74.84, for a total value of $224,520.00. The disclosure for this sale can be found here. Insiders sold a total of 37,573 shares of company stock valued at $2,726,089 over the last three months. Insiders own 0.71% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc increased its position in Qorvo by 1.0% during the third quarter. Vanguard Group Inc now owns 13,123,467 shares of the semiconductor company’s stock worth $1,009,063,000 after buying an additional 128,991 shares in the last quarter. Boston Partners boosted its holdings in Qorvo by 6.5% in the first quarter. Boston Partners now owns 3,916,687 shares of the semiconductor company’s stock valued at $280,944,000 after acquiring an additional 238,370 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Qorvo by 8,987.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock valued at $60,000 after acquiring an additional 3,620,278 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Qorvo by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 1,764,706 shares of the semiconductor company’s stock valued at $106,998,000 after acquiring an additional 122,684 shares during the last quarter. Finally, FMR LLC boosted its holdings in Qorvo by 15.5% in the first quarter. FMR LLC now owns 1,590,816 shares of the semiconductor company’s stock valued at $114,110,000 after acquiring an additional 213,091 shares during the last quarter. 92.95% of the stock is owned by institutional investors.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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