Qorvo (NASDAQ:QRVO) Price Target Cut to $100.00

Qorvo (NASDAQ:QRVO) had its target price lowered by equities research analysts at Barclays from $110.00 to $100.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price objective would suggest a potential upside of 3.47% from the stock’s current price.

QRVO has been the subject of a number of other reports. Craig Hallum boosted their target price on shares of Qorvo from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Susquehanna cut 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 Thursday. Rosenblatt Securities upped their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. Raymond James upped their price objective on shares of Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $111.50.

Qorvo Stock Down 13.6 %

Qorvo stock traded down $15.24 during trading hours on Thursday, reaching $96.65. The stock had a trading volume of 3,835,580 shares, compared to its average volume of 1,307,964. The company has a market cap of $9.33 billion, a price-to-earnings ratio of -44.69, a PEG ratio of 0.93 and a beta of 1.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.90 and a quick ratio of 1.33. The business’s 50 day moving average price is $113.84 and its 200-day moving average price is $105.64. Qorvo has a 52 week low of $80.62 and a 52 week high of $121.65.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The firm’s revenue was up 48.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. Sell-side analysts anticipate that Qorvo will post 4.95 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Gina Harrison sold 354 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now owns 18,442 shares in the company, valued at approximately $2,102,388. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul J. Fego sold 3,027 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the transaction, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,381 shares of company stock worth $745,434. Corporate insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Daiwa Securities Group Inc. raised its stake in Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares during the last quarter. Nordea Investment Management AB raised its stake in Qorvo by 1.2% in the 1st quarter. Nordea Investment Management AB now owns 373,914 shares of the semiconductor company’s stock valued at $42,974,000 after purchasing an additional 4,257 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Qorvo in the 1st quarter valued at $58,000. Tokio Marine Asset Management Co. Ltd. raised its stake in Qorvo by 13.2% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,708 shares of the semiconductor company’s stock valued at $311,000 after purchasing an additional 315 shares during the last quarter. Finally, Resonant Capital Advisors LLC raised its stake in Qorvo by 10.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 2,452 shares of the semiconductor company’s stock valued at $282,000 after purchasing an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

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.