Qorvo, Inc. (NASDAQ:QRVO) Stock Rated "Hold" by Sell-Side Brokerages

Key Points

• Analysts maintain a “Hold” consensus on Qorvo, with 14 hold, three buy and one sell rating among 18 brokerages. The average 12-month price target is $94, below the stock’s reported opening price of $116.30.
• Qorvo exceeded quarterly expectations, reporting $1.64 in EPS versus the $1.11 consensus and revenue of $784.79 million versus $743.28 million expected, although revenue declined 4.2% year over year.
• Insiders sold 62,309 shares worth approximately $6.3 million over the past 90 days, while institutional investors and hedge funds own 88.57% of the company.

Shares of Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) have been assigned a consensus recommendation of "Hold" from the eighteen brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $94.00.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several analysts recently issued reports on QRVO shares. UBS Group boosted their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Citigroup cut their target price on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. TD Cowen reiterated a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th.

Insider Buying and Selling at Qorvo

In other news, SVP Steven Creviston sold 4,810 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $116.56, for a total value of $560,653.60. Following the sale, the senior vice president directly owned 114,641 shares in the company, valued at approximately $13,362,554.96. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Bruggeworth sold 28,744 shares of Qorvo stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total value of $2,899,407.28. Following the completion of the transaction, the chief executive officer owned 325,546 shares of the company's stock, valued at approximately $32,837,825.02. This trade represents a 8.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 62,309 shares of company stock valued at $6,304,642. Insiders own 0.49% of the company's stock.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. raised its holdings in Qorvo by 5.6% in the second quarter. QRG Capital Management Inc. now owns 9,786 shares of the semiconductor company's stock valued at $913,000 after acquiring an additional 521 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Qorvo by 5.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 62,436 shares of the semiconductor company's stock worth $5,823,000 after acquiring an additional 3,161 shares in the last quarter. State Street Corp grew its holdings in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company's stock worth $356,640,000 after acquiring an additional 180,500 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Qorvo by 115.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,518 shares of the semiconductor company's stock worth $888,000 after acquiring an additional 5,102 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Qorvo in the 2nd quarter valued at approximately $385,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Price Performance

QRVO stock opened at $116.30 on Tuesday. The business has a fifty day moving average of $100.86 and a two-hundred day moving average of $93.19. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.04 and a beta of 1.45. Qorvo has a 52-week low of $74.92 and a 52-week high of $121.09.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.53. The company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company's revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts anticipate that Qorvo will post 6.42 earnings per share for the current year.

Qorvo Company Profile

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.

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