Zacks Investment Research cut shares of Qorvo (NASDAQ:QRVO) from a hold rating to a sell rating in a report issued on Tuesday.
According to Zacks, “Qorvo is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. Shares of the company have underperformed the industry in the past three months. We believe, delayed product cycle at its largest customer is cited to be one of the multiple reasons that are likely to hurt MP revenues in the current quarter. Further, Qorvo operates in a competitive landscape that is becoming more complex with low barriers to entry. Nonetheless, the company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Oppo, Vivo and others.”
Several other equities research analysts have also recently commented on the company. ValuEngine cut Qorvo from a buy rating to a hold rating in a research note on Monday. BidaskClub cut Qorvo from a hold rating to a sell rating in a research note on Friday, March 23rd. Instinet reissued a neutral rating on shares of Qorvo in a research note on Tuesday, March 20th. Nomura cut Qorvo from a buy rating to a neutral rating and lowered their price target for the company from $85.00 to $75.00 in a research note on Tuesday, March 20th. Finally, JPMorgan Chase set a $92.00 price target on Qorvo and gave the company a buy rating in a research note on Friday, March 16th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. Qorvo presently has a consensus rating of Hold and an average target price of $81.47.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.09. The business had revenue of $845.70 million during the quarter, compared to analysts’ expectations of $841.09 million. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.35 EPS. equities analysts forecast that Qorvo will post 4.49 earnings per share for the current year.
In other news, VP Gina Harrison sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $82.83, for a total transaction of $82,830.00. Following the completion of the transaction, the vice president now directly owns 14,954 shares in the company, valued at $1,238,639.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $71.37, for a total value of $428,220.00. Following the transaction, the vice president now owns 82,725 shares of the company’s stock, valued at $5,904,083.25. The disclosure for this sale can be found here. Insiders have sold 21,500 shares of company stock valued at $1,671,675 in the last ninety days. Company insiders own 0.91% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Penserra Capital Management LLC lifted its holdings in shares of Qorvo by 45.4% during the fourth quarter. Penserra Capital Management LLC now owns 2,660 shares of the semiconductor company’s stock worth $177,000 after buying an additional 831 shares during the last quarter. Zeke Capital Advisors LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $206,000. Wetherby Asset Management Inc. acquired a new position in shares of Qorvo during the fourth quarter worth approximately $209,000. Cetera Advisor Networks LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $219,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $222,000. Institutional investors own 97.55% of the company’s stock.
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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 (PA), low noise amplifiers, 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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