Qorvo (NASDAQ:QRVO) Price Target Cut to $100.00 by Analysts at Barclays

Qorvo (NASDAQ:QRVO) had its price target trimmed by Barclays from $110.00 to $100.00 in a report released on Thursday, Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Several other brokerages have also issued reports on QRVO. Susquehanna cut their target price on Qorvo from $100.00 to $95.00 and set a neutral rating for the company in a research note on Thursday. Raymond James upped their target price on Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Needham & Company LLC dropped their price objective on Qorvo from $125.00 to $110.00 and set a buy rating for the company in a research note on Thursday. Mizuho dropped their price objective on Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research note on Thursday. Finally, Rosenblatt Securities increased their price objective on Qorvo from $95.00 to $105.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $110.83.

Qorvo Price Performance

Shares of QRVO stock traded up $0.28 during trading on Thursday, hitting $95.95. The company had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. The company has a quick ratio of 1.33, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average is $113.15 and its two-hundred day moving average is $105.59. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of -131.44, a price-to-earnings-growth ratio of 0.74 and a beta of 1.53. Qorvo has a 52 week low of $80.62 and a 52 week high of $121.65.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18. The company had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. Qorvo’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. As a group, analysts predict that Qorvo will post 6.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 354 shares of the stock in a transaction 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 transaction, the vice president now owns 18,442 shares in the company, valued at $2,102,388. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Gina Harrison sold 354 shares of the stock in a transaction 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 transaction, 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. Over the last 90 days, insiders sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several large investors have recently bought and sold shares of QRVO. Robeco Institutional Asset Management B.V. increased its holdings in Qorvo by 7.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 242,836 shares of the semiconductor company’s stock worth $23,184,000 after buying an additional 17,370 shares in the last quarter. Xponance Inc. increased its holdings in Qorvo by 1.7% in the 3rd quarter. Xponance Inc. now owns 14,159 shares of the semiconductor company’s stock worth $1,352,000 after buying an additional 240 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Qorvo by 1.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,435 shares of the semiconductor company’s stock worth $2,142,000 after buying an additional 299 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in Qorvo by 10.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,410 shares of the semiconductor company’s stock worth $326,000 after buying an additional 317 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Qorvo by 9.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,216 shares of the semiconductor company’s stock worth $7,563,000 after buying an additional 7,114 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.