Bank of America Issues Pessimistic Forecast for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its price target reduced by Bank of America from $115.00 to $80.00 in a research report report published on Wednesday, Benzinga reports. They currently have an underperform rating on the semiconductor company’s stock.

QRVO has been the topic of several other reports. TD Cowen decreased their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday. Needham & Company LLC initiated coverage on Qorvo in a research report on Monday. They set a “buy” rating and a $135.00 target price for the company. The Goldman Sachs Group raised their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $130.00 to $120.00 in a report on Friday, October 11th. Finally, Craig Hallum reduced their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $104.47.

Qorvo Trading Down 27.3 %

QRVO stock opened at $73.04 on Wednesday. The business has a fifty day moving average price of $104.86 and a 200 day moving average price of $107.98. 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 fifty-two week low of $71.31 and a fifty-two week high of $130.99. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. Analysts expect that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following 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 SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QRVO. QRG Capital Management Inc. boosted its position in Qorvo by 8.3% during the 3rd quarter. QRG Capital Management Inc. now owns 9,022 shares of the semiconductor company’s stock worth $932,000 after acquiring an additional 695 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Qorvo by 23.9% during 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. Chicago Partners Investment Group LLC increased its stake in Qorvo by 7.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company’s stock valued at $280,000 after buying an additional 194 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares in the last quarter. 88.57% of the stock is currently owned by 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.