Piper Sandler Cuts Qorvo (NASDAQ:QRVO) Price Target to $100.00

Qorvo (NASDAQ:QRVO) had its price objective dropped by Piper Sandler from $120.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Piper Sandler’s price objective suggests a potential downside of 0.53% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Raymond James increased their price objective on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised 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. Craig Hallum upped their target price on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Susquehanna lowered their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Barclays dropped their price objective on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $119.86.

Qorvo Trading Up 1.0 %

Shares of Qorvo stock traded up $1.00 on Friday, hitting $100.53. 90,931 shares of the company’s stock traded hands, compared to its average volume of 1,338,833. The company has a market capitalization of $9.55 billion, a price-to-earnings ratio of -137.58, a price-to-earnings-growth ratio of 1.22 and a beta of 1.45. The company has a fifty day moving average of $105.56 and a two-hundred day moving average of $108.37. 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) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, topping the consensus estimate 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 company had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. During the same quarter last year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 36.2% on a year-over-year basis. As a group, sell-side analysts expect that Qorvo will post 4.84 earnings per share for the current year.

Insider Transactions at Qorvo

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its holdings in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after buying an additional 1,418,784 shares during the period. Vulcan Value Partners LLC lifted its stake in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after acquiring an additional 550,111 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Qorvo by 1,507.7% in the second quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after acquiring an additional 326,087 shares in the last quarter. Caxton Associates LP bought a new position in Qorvo in the 2nd quarter worth $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Qorvo by 177.4% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after purchasing an additional 272,872 shares during the period. 88.57% of the stock is owned by institutional investors.

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.