Qorvo (NASDAQ:QRVO) Price Target Cut to $100.00

Qorvo (NASDAQ:QRVO) had its target price decreased by equities researchers at Barclays from $110.00 to $100.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price target points to a potential upside of 4.22% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Piper Sandler dropped their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, February 1st. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Craig Hallum lifted their target price on shares of Qorvo from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. dropped their target price on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group raised their price target on shares of Qorvo from $104.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently 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 mid-day trading on Thursday, hitting $95.95. The company’s stock had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. The firm has a 50-day moving average price of $113.15 and a 200 day moving average price of $105.59. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of -131.44, a PEG ratio of 0.74 and a beta of 1.53. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.33. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $121.65.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) 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%. The business’s revenue was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. On average, research analysts predict that Qorvo will post 6.69 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were 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 directly owns 18,442 shares in the company, valued at $2,102,388. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Gina Harrison sold 354 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 $40,356.00. Following the transaction, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of the business. RIA Advisory Group LLC bought a new stake in Qorvo in the 1st quarter valued at $295,000. Daiwa Securities Group Inc. increased its holdings in Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after buying an additional 4,072 shares during the period. Nordea Investment Management AB increased its holdings in Qorvo by 1.2% in the 1st quarter. Nordea Investment Management AB now owns 373,914 shares of the semiconductor company’s stock valued at $42,974,000 after buying an additional 4,257 shares during the period. Fidelis Capital Partners LLC bought a new stake in Qorvo in the 1st quarter valued at $58,000. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in Qorvo by 13.2% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,708 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 315 shares during the period. 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.