JPMorgan Chase & Co. Lowers Qorvo (NASDAQ:QRVO) Price Target to $100.00

Qorvo (NASDAQ:QRVO) had its target price cut by research analysts at JPMorgan Chase & Co. from $105.00 to $100.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 3.72% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group raised their price objective on Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Rosenblatt Securities upped their price objective on shares of Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Piper Sandler dropped their price objective on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, February 1st. Mizuho decreased their target price on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Benchmark lowered their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $111.50.

Qorvo Trading Down 13.8 %

Qorvo stock traded down $15.48 during trading hours on Thursday, reaching $96.41. 3,529,261 shares of the company’s stock were exchanged, compared to its average volume of 1,304,208. The firm’s 50 day simple moving average is $113.84 and its 200 day simple moving average is $105.64. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $9.31 billion, a PE ratio of -44.55, a PEG ratio of 0.93 and a beta of 1.53.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.21 by $0.18. The company had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The company’s quarterly revenue was up 48.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. Research analysts predict that Qorvo will post 4.95 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the transaction, the senior vice president now directly owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at $9,306,240. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Gina Harrison sold 354 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The disclosure for this sale can be found here. Insiders sold a total of 6,381 shares of company stock worth $745,434 over the last ninety days. 0.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in QRVO. Highland Capital Management LLC boosted its stake in shares of Qorvo by 48.9% during the 4th quarter. Highland Capital Management LLC now owns 42,790 shares of the semiconductor company’s stock valued at $4,819,000 after purchasing an additional 14,060 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Qorvo by 298.9% in the 4th quarter. SG Americas Securities LLC now owns 17,803 shares of the semiconductor company’s stock valued at $2,005,000 after purchasing an additional 13,340 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Qorvo by 4.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 8,464 shares of the semiconductor company’s stock valued at $808,000 after purchasing an additional 394 shares in the last quarter. Jackson Creek Investment Advisors LLC purchased a new stake in Qorvo in the third quarter worth $389,000. Finally, FMR LLC raised its holdings in Qorvo by 7.6% in the third quarter. FMR LLC now owns 680,516 shares of the semiconductor company’s stock worth $64,969,000 after purchasing an additional 48,125 shares in the last quarter. 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.