Qorvo (NASDAQ:QRVO – Free Report) had its price target decreased by UBS Group from $115.00 to $90.00 in a research report released on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the semiconductor company’s stock.
A number of other research analysts also recently issued reports on QRVO. Piper Sandler cut their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Susquehanna cut their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays dropped their target price on Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their target price on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.47.
Check Out Our Latest Report on QRVO
Qorvo Trading Down 27.3 %
Qorvo (NASDAQ:QRVO – Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. Analysts forecast that Qorvo will post 4.84 earnings per share for the current year.
Insider Activity at Qorvo
In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by company insiders.
Institutional Investors Weigh In On Qorvo
Several large investors have recently bought and sold shares of the company. QRG Capital Management Inc. increased its stake in Qorvo by 8.3% during the 3rd quarter. QRG Capital Management Inc. now owns 9,022 shares of the semiconductor company’s stock worth $932,000 after buying an additional 695 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after purchasing an additional 160,534 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in shares of Qorvo by 7.5% in the third quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company’s stock valued at $280,000 after purchasing an additional 194 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares in the last quarter. 88.57% of the stock is currently 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.
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