Qorvo (NASDAQ:QRVO) Given New $105.00 Price Target at The Goldman Sachs Group

Qorvo (NASDAQ:QRVO) had its target price cut by The Goldman Sachs Group from $117.00 to $105.00 in a report issued on Friday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other equities analysts have also weighed in on QRVO. Rosenblatt Securities boosted their price objective on Qorvo from $95.00 to $105.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Barclays lowered their price objective on Qorvo from $110.00 to $100.00 and set an equal weight rating on the stock in a research note on Thursday. Craig Hallum boosted their price objective on Qorvo from $110.00 to $125.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Needham & Company LLC lowered their price objective on Qorvo from $125.00 to $110.00 and set a buy rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research note on Thursday. 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’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $110.83.

Qorvo Price Performance

Shares of QRVO traded up $0.28 during trading hours on Friday, hitting $95.95. 2,424,521 shares of the stock were exchanged, compared to its average volume of 1,436,907. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.33 and a current ratio of 1.99. Qorvo has a 12-month low of $80.62 and a 12-month high of $121.65. The company has a market cap 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. The stock’s 50-day moving average price is $113.15 and its two-hundred day moving average price is $105.59.

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

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the completion of the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares of the company’s stock, valued at $3,386,370. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,381 shares of company stock valued at $745,434. 0.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Xponance Inc. boosted its holdings in shares of Qorvo by 1.7% in the 3rd quarter. Xponance Inc. now owns 14,159 shares of the semiconductor company’s stock valued at $1,352,000 after buying an additional 240 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Qorvo by 1.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,435 shares of the semiconductor company’s stock worth $2,142,000 after purchasing an additional 299 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of Qorvo by 10.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,410 shares of the semiconductor company’s stock valued at $326,000 after purchasing an additional 317 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Qorvo by 9.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,216 shares of the semiconductor company’s stock valued at $7,563,000 after purchasing an additional 7,114 shares during the period. Finally, BluePath Capital Management LLC acquired a new stake in shares of Qorvo in the 3rd quarter valued at about $133,000. Institutional investors and hedge funds 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.