Qorvo, Inc. (QRVO) Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Qorvo, Inc. (NASDAQ:QRVO) from a hold rating to a sell rating in a research note released on Friday morning.
According to Zacks, “Qorvo has underperformed the industry on a year-to-date basis. Weakness in China and higher research & development (R&D) expense related to custom-product development for its largest customer, Apple is hurting profitability. Qorvo stated that demand environment in China is improving, which is positively impacting channel inventory. However, mix remains a drag as consumers are favoring lower content phones, witnessed so far in the cycle. Management now expects top-line to grow in the range of 4–5%, down from its previous expectation of double-digit year-over-year growth. The company cited weakness in China in the first half of the fiscal, which will be offset by double-digit year-over-year growth in the second half. Nevertheless, we believe that expanding product portfolio will help the company achieve strong revenue growth in fiscal 2018.”
A number of other analysts have also commented on the stock. BidaskClub raised shares of Qorvo from a hold rating to a buy rating in a research note on Friday, August 18th. Mizuho reaffirmed a hold rating and set a $70.00 price objective on shares of Qorvo in a research note on Friday, August 4th. TheStreet lowered shares of Qorvo from a b rating to a c rating in a research note on Wednesday, August 2nd. Canaccord Genuity upped their price objective on shares of Qorvo from $79.00 to $81.00 and gave the company a buy rating in a research note on Thursday, August 3rd. Finally, Drexel Hamilton reaffirmed a buy rating and set a $95.00 price objective on shares of Qorvo in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $73.28.
Shares of Qorvo (NASDAQ QRVO) traded up 0.05% during midday trading on Friday, hitting $73.26. 703,005 shares of the stock were exchanged. The stock’s 50-day moving average price is $69.53 and its 200 day moving average price is $69.65. The stock’s market cap is $9.32 billion. Qorvo has a one year low of $48.28 and a one year high of $79.34.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company had revenue of $640.80 million during the quarter, compared to analyst estimates of $632.18 million. During the same period in the prior year, the firm earned $1.08 earnings per share. The business’s quarterly revenue was down 8.3% on a year-over-year basis. On average, analysts anticipate that Qorvo will post $5.54 earnings per share for the current year.
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In related news, VP James L. Klein sold 2,600 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $78.69, for a total value of $204,594.00. Following the transaction, the vice president now owns 40,058 shares in the company, valued at $3,152,164.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Bruggeworth sold 27,840 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $77.87, for a total value of $2,167,900.80. Following the completion of the transaction, the insider now owns 238,682 shares in the company, valued at approximately $18,586,167.34. The disclosure for this sale can be found here. Insiders sold 109,984 shares of company stock worth $7,801,949 in the last 90 days. 0.91% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. increased its position in Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock worth $114,000 after buying an additional 552 shares in the last quarter. IFP Advisors Inc increased its position in Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock worth $144,000 after buying an additional 670 shares in the last quarter. Federated Investors Inc. PA increased its position in Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after buying an additional 90 shares in the last quarter. NEXT Financial Group Inc increased its position in Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after buying an additional 49 shares in the last quarter. Finally, Advisor Group Inc. increased its position in Qorvo by 5.1% in the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after buying an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 94.38% 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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