Qorvo (NASDAQ:QRVO) Price Target Lowered to $90.00 at Barclays

Qorvo (NASDAQ:QRVO) had its target price trimmed by Barclays from $120.00 to $90.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

QRVO has been the topic of several other research reports. Craig Hallum dropped their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday. Piper Sandler cut their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. TD Cowen decreased their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Rosenblatt Securities raised their price objective on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.47.

Qorvo Trading Up 0.8 %

Shares of QRVO opened at $71.86 on Wednesday. Qorvo has a fifty-two week low of $70.39 and a fifty-two week high of $130.99. The business has a 50-day moving average of $102.41 and a 200 day moving average of $107.22. The firm has a market cap of $6.79 billion, a P/E ratio of -49.22, a price-to-earnings-growth ratio of 3.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90.

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 the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. As a group, research analysts forecast that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Hedge funds have recently bought and sold shares of the company. Capital Research Global Investors grew its position in Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after acquiring an additional 93,068 shares during the last quarter. Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Qorvo by 17,255.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after purchasing an additional 4,386 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after purchasing an additional 160,534 shares during the last quarter. 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.