Qorvo (NASDAQ:QRVO) Lowered to “Hold” at Canaccord Genuity

Canaccord Genuity cut shares of Qorvo (NASDAQ:QRVO) from a buy rating to a hold rating in a report released on Wednesday, 24/7 WallStreet reports. Canaccord Genuity currently has $110.00 price objective on the semiconductor company’s stock, up from their prior price objective of $92.00.

Several other equities research analysts have also issued reports on the stock. Cowen reaffirmed an outperform rating and set a $95.00 price target (up from $90.00) on shares of Qorvo in a report on Friday, November 1st. Bank of America lifted their price target on shares of Qorvo from $70.00 to $80.00 and gave the company an underperform rating in a report on Friday, November 1st. UBS Group lifted their price target on shares of Qorvo from $74.00 to $81.00 and gave the company a neutral rating in a report on Friday, November 1st. Raymond James lifted their price target on shares of Qorvo from $90.00 to $98.00 and gave the company an outperform rating in a report on Friday, November 1st. Finally, Craig Hallum reaffirmed a buy rating and set a $100.00 price target (up from $85.00) on shares of Qorvo in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $91.39.

Shares of NASDAQ:QRVO traded up $0.05 during midday trading on Wednesday, reaching $103.75. 941,500 shares of the company were exchanged, compared to its average volume of 2,144,584. Qorvo has a fifty-two week low of $54.74 and a fifty-two week high of $104.88. The company has a quick ratio of 2.37, a current ratio of 3.45 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $83.70 and a two-hundred day simple moving average of $73.41. The firm has a market cap of $12.05 billion, a PE ratio of 19.76, a P/E/G ratio of 2.16 and a beta of 1.11.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.30 by $0.22. The company had revenue of $806.70 million during the quarter, compared to analysts’ expectations of $754.67 million. Qorvo had a net margin of 8.19% and a return on equity of 15.10%. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.75 EPS. As a group, analysts forecast that Qorvo will post 4.76 earnings per share for the current year.

In other Qorvo news, Director Walter H. Wilkinson sold 2,762 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.71, for a total transaction of $280,923.02. Following the transaction, the director now owns 36,565 shares in the company, valued at $3,719,026.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David H. Y. Ho sold 10,660 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $102.22, for a total transaction of $1,089,665.20. Following the transaction, the director now owns 16,844 shares in the company, valued at approximately $1,721,793.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,925 shares of company stock worth $2,158,867. Insiders own 0.71% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QRVO. Breakline Capital LLC bought a new stake in shares of Qorvo in the 2nd quarter worth $2,553,000. Pearl River Capital LLC bought a new stake in shares of Qorvo in the 2nd quarter worth $42,000. Alps Advisors Inc. grew its stake in shares of Qorvo by 22.9% in the 3rd quarter. Alps Advisors Inc. now owns 13,650 shares of the semiconductor company’s stock worth $1,012,000 after acquiring an additional 2,540 shares in the last quarter. Korea Investment CORP grew its stake in shares of Qorvo by 111.9% in the 2nd quarter. Korea Investment CORP now owns 197,853 shares of the semiconductor company’s stock worth $13,179,000 after acquiring an additional 104,500 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Qorvo by 108.8% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,662 shares of the semiconductor company’s stock worth $1,478,000 after acquiring an additional 11,286 shares in the last quarter. Hedge funds and other institutional investors own 93.37% of the company’s stock.

About Qorvo

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 (PAs), low noise amplifiers (LNAs), 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.

Further Reading: Profit Margin

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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