Qorvo (NASDAQ:QRVO) Stock Price Down 3.5% - Here's What Happened

Key Points

• Qorvo shares fell 3.5% to about $92.01 in Tuesday trading, with volume roughly 89% below the average session level.
• Analysts remain generally cautious: the stock has a consensus “Hold” rating and an average price target of $94, despite some recent target increases and Buy ratings.
• Qorvo’s latest quarterly results beat expectations, with EPS of $1.64 versus $1.11 expected and revenue of $784.79 million; however, revenue declined 4.2% year over year. Insiders have sold nearly 1.97 million shares worth about $199.1 million over the past 90 days.

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

Wall Street Analyst Weigh In

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

QRVO has been the subject of several research analyst reports. Craig Hallum reaffirmed a "buy" rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. UBS Group lifted their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Citigroup reduced their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $94.00.

Qorvo Stock Performance

The company has a market cap of $8.24 billion, a price-to-earnings ratio of 21.67, a PEG ratio of 1.39 and a beta of 1.44. The firm's 50 day simple moving average is $92.08 and its 200-day simple moving average is $88.63. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued 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 business had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company's quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts predict that Qorvo, Inc. will post 6.3 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Philip Chesley sold 5,487 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the sale, the senior vice president owned 44,021 shares of the company's stock, valued at $4,292,047.50. This trade represents a 11.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,968,623 shares of company stock valued at $199,138,818. Company insiders own 0.49% of the company's stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently modified their holdings of QRVO. Smartleaf Asset Management LLC grew its holdings in shares of Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 231 shares during the period. Global Retirement Partners LLC acquired a new position in Qorvo in the 2nd quarter valued at about $32,000. Advisory Services Network LLC acquired a new stake in shares of Qorvo during the 3rd quarter worth approximately $36,000. Elevation Wealth Partners LLC increased its holdings in shares of Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock worth $39,000 after buying an additional 310 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Qorvo during the 2nd quarter valued at approximately $43,000. 88.57% of the stock is owned by institutional investors and hedge funds.

About Qorvo

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source