Qorvo (NASDAQ:QRVO) Given New $85.00 Price Target at TD Cowen

Qorvo (NASDAQ:QRVOFree Report) had its price target trimmed by TD Cowen from $125.00 to $85.00 in a research note released on Wednesday, Marketbeat reports. They currently have a hold rating on the semiconductor company’s stock.

A number of other brokerages have also weighed in on QRVO. Craig Hallum boosted 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. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Piper Sandler decreased their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.47.

Get Our Latest Stock Analysis on QRVO

Qorvo Stock Performance

Shares of Qorvo stock opened at $73.04 on Wednesday. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. The firm’s 50-day moving average is $104.86 and its 200 day moving average is $107.98. Qorvo has a 1 year low of $71.31 and a 1 year high of $130.99. 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 (NASDAQ:QRVOGet Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. Qorvo’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 EPS. Sell-side analysts anticipate that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its stake 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 purchasing an additional 115 shares during the period. Park Place Capital Corp boosted its stake in Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the period. Versant Capital Management Inc boosted its stake in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC bought a new position in shares of Qorvo during the 2nd quarter valued at approximately $34,000. 88.57% of the stock is currently owned by institutional investors.

Qorvo Company Profile

(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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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