Citigroup Cuts Qorvo (NASDAQ:QRVO) Price Target to $69.00

Qorvo (NASDAQ:QRVO) had its target price cut by Citigroup from $72.00 to $69.00 in a research report released on Wednesday,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

Several other brokerages have also recently issued reports on QRVO. Mizuho increased their price objective on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. UBS Group decreased their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Loop Capital started coverage on shares of Qorvo in a research note on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, TD Cowen dropped their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Price Performance

QRVO stock opened at $82.98 on Wednesday. The company has a market capitalization of $7.84 billion, a PE ratio of 296.36, a P/E/G ratio of 6.89 and a beta of 1.40. Qorvo has a 12-month low of $64.54 and a 12-month high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average price is $74.01 and its 200 day moving average price is $91.48.

Qorvo (NASDAQ:QRVO) last announced 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. Qorvo had a net margin of 0.71% and a return on equity of 12.32%. 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 prior year, the firm earned $1.99 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that Qorvo will post 3.37 EPS for the current year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of institutional investors and hedge funds have recently made changes to their positions in QRVO. Larson Financial Group LLC increased its position in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Qorvo in the 3rd quarter valued at approximately $41,000. Farther Finance Advisors LLC increased its holdings in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the period. Versant Capital Management Inc raised its stake in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 250 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.