Qorvo (NASDAQ:QRVO) Price Target Cut to $105.00 by Analysts at Craig Hallum

Qorvo (NASDAQ:QRVO) had its target price cut by Craig Hallum from $142.00 to $105.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler reduced their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Wednesday. Needham & Company LLC began coverage on shares of Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price target for the company. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Qorvo has an average rating of “Hold” and an average target price of $104.47.

Qorvo Stock Performance

Qorvo stock opened at $71.86 on Wednesday. The company’s 50-day moving average price is $103.28 and its 200-day moving average price is $107.48. Qorvo has a twelve month low of $70.39 and a twelve month high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.82 billion, a PE ratio of -49.22, a price-to-earnings-growth ratio of 0.88 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm posted $1.99 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities research analysts forecast that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

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

Institutional Investors Weigh In On Qorvo

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mather Group LLC. lifted its stake in shares of Qorvo by 5.6% during the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after buying an additional 96 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Qorvo by 5.0% during the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% during the first 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 last quarter. Finally, American Trust raised its holdings in shares of Qorvo by 5.8% during the second quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after purchasing an additional 115 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.