StockNews.com Downgrades Qorvo (NASDAQ:QRVO) to Hold

Qorvo (NASDAQ:QRVOGet Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other analysts also recently issued research reports about the stock. Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, February 1st. Susquehanna cut their price target on Qorvo from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Tuesday, October 24th. JPMorgan Chase & Co. increased their price target on Qorvo from $95.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, February 1st. BMO Capital Markets cut their price objective on shares of Qorvo from $110.00 to $100.00 and set a “market perform” rating on the stock in a research report on Friday, November 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $125.00 target price on shares of Qorvo in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $111.17.

Read Our Latest Research Report on QRVO

Qorvo Stock Performance

NASDAQ:QRVO opened at $110.85 on Thursday. The company has a market capitalization of $10.70 billion, a PE ratio of -51.56, a P/E/G ratio of 1.12 and a beta of 1.55. The company has a 50 day simple moving average of $105.93 and a two-hundred day simple moving average of $100.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.33 and a current ratio of 1.90. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $114.97.

Insider Activity

In other Qorvo news, Director Walden C. Rhines purchased 5,000 shares of the stock in a transaction dated Monday, November 27th. The shares were bought at an average price of $93.19 per share, with a total value of $465,950.00. Following the completion of the transaction, the director now directly owns 67,145 shares in the company, valued at approximately $6,257,242.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Philip Chesley sold 10,580 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $97.72, for a total transaction of $1,033,877.60. Following the sale, the senior vice president now owns 29,539 shares of the company’s stock, valued at approximately $2,886,551.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Walden C. Rhines bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were purchased at an average cost of $93.19 per share, for a total transaction of $465,950.00. Following the acquisition, the director now directly owns 67,145 shares in the company, valued at approximately $6,257,242.55. The disclosure for this purchase can be found here. Insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Qorvo by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock worth $1,513,630,000 after acquiring an additional 58,395 shares during the period. BlackRock Inc. increased its holdings in shares of Qorvo by 1.3% in the 2nd quarter. BlackRock Inc. now owns 8,589,281 shares of the semiconductor company’s stock worth $876,364,000 after buying an additional 113,870 shares during the last quarter. Baupost Group LLC MA increased its holdings in shares of Qorvo by 11.8% in the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after buying an additional 699,968 shares during the last quarter. State Street Corp increased its holdings in shares of Qorvo by 0.3% in the 1st quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock worth $595,916,000 after buying an additional 16,097 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Qorvo by 646.2% in the 3rd quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after buying an additional 3,347,972 shares during the last quarter. Institutional investors own 85.60% of the company’s stock.

About Qorvo

(Get Free Report)

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.

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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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