Qorvo (NASDAQ:QRVO) Shares Down 3.5% – What’s Next?

Shares of Qorvo, Inc. (NASDAQ:QRVO) were down 3.5% during mid-day trading on Tuesday . The stock traded as low as $92.32 and last traded at $92.01. Approximately 136,551 shares were traded during trading, a decline of 89% from the average daily volume of 1,261,575 shares. The stock had previously closed at $95.37.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Citigroup reduced their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. UBS Group increased their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $94.00.

Qorvo Stock Down 2.1%

The company has a market capitalization of $8.24 billion, a PE ratio of 21.67, a PEG ratio of 1.39 and a beta of 1.44. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $92.08 and a 200 day moving average of $88.63.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The company had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts anticipate that Qorvo, Inc. will post 6.3 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Grant Brown sold 5,179 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the sale, the chief financial officer directly owned 49,268 shares in the company, valued at $4,803,630. This represents a 9.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,968,623 shares of company stock valued at $199,138,818 in the last 90 days. Corporate insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC increased its holdings in Qorvo by 215.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 231 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Qorvo during the second quarter worth approximately $32,000. Advisory Services Network LLC acquired a new stake in Qorvo in the third quarter valued at approximately $36,000. Elevation Wealth Partners LLC raised its holdings in Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 310 shares in the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.