Qorvo (NASDAQ:QRVO) Shares Gap Down – Should You Sell?

Shares of Qorvo, Inc. (NASDAQ:QRVO) gapped down before the market opened on Thursday . The stock had previously closed at $82.59, but opened at $78.75. Qorvo shares last traded at $80.30, with a volume of 469,609 shares trading hands.

Wall Street Analyst Weigh In

QRVO has been the topic of a number of research reports. Bank of America reduced their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Susquehanna lowered their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Barclays decreased their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Citigroup reduced their price objective on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research note on Wednesday, January 29th. Finally, Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Performance

The company’s 50-day moving average price is $74.80 and its two-hundred day moving average price is $90.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The stock has a market cap of $7.38 billion, a PE ratio of 282.74, a PEG ratio of 16.76 and a beta of 1.41.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. increased its position in Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after buying an additional 645,829 shares in the last quarter. KBC Group NV raised its position in shares of Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after purchasing an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Qorvo by 320.0% in the fourth quarter. Principal Financial Group Inc. now owns 458,178 shares of the semiconductor company’s stock worth $32,040,000 after buying an additional 349,078 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.