Morgan Stanley Downgrades Qorvo (NASDAQ:QRVO) to Equal Weight

by · The Markets Daily

Morgan Stanley downgraded shares of Qorvo (NASDAQ:QRVO – Free Report) from an overweight rating to an equal weight rating in a research note published on Friday morning, MarketBeat.com reports. They currently have $120.00 price objective on the semiconductor company’s stock, down from their previous price objective of $130.00.

A number of other equities research analysts have also recently issued reports on QRVO. JPMorgan Chase & Co. boosted their price objective on Qorvo from $100.00 to $115.00 and gave the company an underweight rating in a research note on Wednesday, July 31st. Susquehanna lowered their target price on shares of Qorvo from $145.00 to $135.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. Piper Sandler reiterated a neutral rating and set a $120.00 price objective (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. Craig Hallum raised their target price on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Finally, StockNews.com cut Qorvo from a buy rating to a hold rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $122.71.

Check Out Our Latest Analysis on QRVO

Qorvo Trading Up 2.7 %

NASDAQ QRVO opened at $104.58 on Friday. The stock has a market capitalization of $9.94 billion, a price-to-earnings ratio of -143.26, a PEG ratio of 1.24 and a beta of 1.45. The business’s fifty day moving average is $106.30 and its 200-day moving average is $108.96. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. Qorvo has a one year low of $80.62 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO – Get Free Report) last released its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $886.70 million for the quarter, compared to analysts’ expectations of $851.95 million. During the same period in the previous year, the company earned $0.03 earnings per share. The company’s quarterly revenue was up 36.2% on a year-over-year basis. Equities research analysts predict that Qorvo will post 4.84 EPS for the current year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

Large investors have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Qorvo during the second quarter valued at about $29,000. Park Place Capital Corp grew its stake in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 207 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc raised its stake in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new position in Qorvo during the second quarter valued at approximately $34,000. 88.57% of the stock is currently owned by institutional investors.

About Qorvo

(Get Free Report)

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.

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