Qorvo Inc. (QRVO) Downgraded by Zacks Investment Research
Qorvo Inc. (NASDAQ:QRVO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a 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.”
Several other analysts also recently issued reports on QRVO. Citigroup Inc. raised Qorvo from a “sell” rating to a “neutral” rating and lifted their price target for the company from $40.00 to $57.00 in a research note on Thursday, June 9th. Brean Capital reissued a “buy” rating on shares of Qorvo in a research note on Wednesday, June 15th. Morgan Stanley initiated coverage on Qorvo in a research note on Monday, June 27th. They issued an “equal weight” rating and a $56.00 price target on the stock. Mizuho downgraded Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, July 1st. Finally, KeyCorp reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, July 6th. 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 stock has a consensus rating of “Hold” and an average target price of $61.97.
Qorvo (NASDAQ:QRVO) traded up 0.09% during trading on Tuesday, reaching $54.20. The company’s stock had a trading volume of 597,638 shares. The firm’s 50-day moving average is $55.73 and its 200-day moving average is $53.16. Qorvo has a 52-week low of $33.30 and a 52-week high of $64.80. The stock’s market cap is $6.93 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results 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. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The firm had revenue of $697.60 million for the quarter, compared to the consensus estimate of $650.62 million. During the same quarter last year, the business posted $1.09 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts forecast that Qorvo will post $5.09 EPS for the current year.
In other news, VP James L. Klein sold 1,384 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $57.85, for a total transaction of $80,064.40. Following the completion of the sale, the vice president now directly owns 39,821 shares in the company, valued at approximately $2,303,644.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert A. Bruggeworth sold 18,522 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $55.22, for a total value of $1,022,784.84. Following the sale, the insider now owns 225,424 shares of the company’s stock, valued at $12,447,913.28. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in QRVO. Vanguard Group Inc. increased its stake in Qorvo by 1.4% in the second quarter. Vanguard Group Inc. now owns 11,877,667 shares of the company’s stock worth $656,360,000 after buying an additional 167,243 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of Qorvo by 12.3% in the second quarter. Frontier Capital Management Co. LLC now owns 2,946,070 shares of the company’s stock valued at $162,800,000 after buying an additional 323,280 shares in the last quarter. Boston Partners increased its stake in shares of Qorvo by 1.1% in the second quarter. Boston Partners now owns 2,559,211 shares of the company’s stock valued at $141,422,000 after buying an additional 27,048 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Qorvo by 1.7% in the second quarter. BlackRock Fund Advisors now owns 2,402,412 shares of the company’s stock valued at $132,757,000 after buying an additional 39,581 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 87.10% of the company’s stock.
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).
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