Qorvo (NASDAQ:QRVO) Price Target Cut to $110.00

Qorvo (NASDAQ:QRVO) had its price target decreased by equities research analysts at Needham & Company LLC from $125.00 to $110.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 14.64% from the company’s previous close.

Several other brokerages also recently issued reports on QRVO. Barclays raised their price target on Qorvo from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 16th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. lifted their target price on Qorvo from $95.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, February 1st. Craig Hallum lifted their target price on Qorvo from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Finally, Raymond James lifted their target price on Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $110.83.

Qorvo Stock Up 0.3 %

NASDAQ QRVO traded up $0.28 during trading on Thursday, hitting $95.95. 2,424,521 shares of the company traded hands, compared to its average volume of 1,436,907. The company has a market capitalization of $9.26 billion, a P/E ratio of -131.44, a PEG ratio of 0.74 and a beta of 1.53. The business has a fifty day simple moving average of $113.15 and a 200 day simple moving average of $105.59. Qorvo has a 12 month low of $80.62 and a 12 month high of $121.65. The company has a current ratio of 1.99, a quick ratio of 1.33 and a debt-to-equity ratio of 0.44.

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

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Steven E. Creviston sold 3,000 shares of Qorvo 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 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction 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. Insiders sold a total of 6,381 shares of company stock worth $745,434 over the last quarter. Company insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of QRVO. Barclays PLC raised its stake in shares of Qorvo by 646.2% in the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock valued at $369,091,000 after acquiring an additional 3,347,972 shares during the last quarter. UBS Group AG raised its stake in shares of Qorvo by 491.9% in the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock valued at $120,987,000 after acquiring an additional 1,053,157 shares during the last quarter. Norges Bank bought a new position in shares of Qorvo in the fourth quarter valued at approximately $118,120,000. Balyasny Asset Management L.P. raised its position in Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after purchasing an additional 529,309 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Qorvo by 268.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock worth $51,319,000 after purchasing an additional 391,570 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

About Qorvo

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.