Qorvo (NASDAQ:QRVO) Shares Gap Down After Analyst Downgrade

Qorvo, Inc. (NASDAQ:QRVO) gapped down before the market opened on Thursday after The Goldman Sachs Group lowered their price target on the stock from $117.00 to $105.00. The stock had previously closed at $111.89, but opened at $101.93. The Goldman Sachs Group currently has a neutral rating on the stock. Qorvo shares last traded at $98.49, with a volume of 1,187,827 shares trading hands.

A number of other equities research analysts have also recently commented on QRVO. Piper Sandler lowered their price target on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. Barclays decreased their target price on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Thursday. Raymond James boosted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Needham & Company LLC dropped their target price on shares of Qorvo from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Craig Hallum lifted their price objective on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and an average target price of $110.83.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at $2,102,388. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. RIA Advisory Group LLC acquired a new stake in shares of Qorvo during the 1st quarter valued at about $295,000. Daiwa Securities Group Inc. grew its holdings in Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares during the period. Nordea Investment Management AB increased its position in shares of Qorvo by 1.2% in the first quarter. Nordea Investment Management AB now owns 373,914 shares of the semiconductor company’s stock valued at $42,974,000 after buying an additional 4,257 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Qorvo during the 1st quarter worth approximately $58,000. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Qorvo by 13.2% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,708 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Up 0.3 %

The stock has a market cap of $9.26 billion, a PE ratio of -131.44, a price-to-earnings-growth ratio of 0.86 and a beta of 1.53. The business has a 50-day moving average price of $113.49 and a 200-day moving average price of $105.57. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.25%. The business had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. During the same quarter last year, the business earned $0.11 earnings per share. The company’s revenue for the quarter was up 48.7% compared to the same quarter last year. As a group, analysts forecast that Qorvo, Inc. will post 6.69 earnings per share for the current year.

About Qorvo

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.