Susquehanna Cuts Qorvo (NASDAQ:QRVO) Price Target to $90.00

Qorvo (NASDAQ:QRVO) had its price objective reduced by Susquehanna from $115.00 to $90.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

QRVO has been the topic of several other reports. Rosenblatt Securities raised their target price on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus target price of $104.47.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $71.86 on Wednesday. The company has a market cap of $6.82 billion, a PE ratio of -49.22, a price-to-earnings-growth ratio of 0.88 and a beta of 1.45. Qorvo has a 12 month low of $70.39 and a 12 month high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. The company has a 50-day simple moving average of $103.28 and a 200-day simple moving average of $107.48.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 earnings per share. On average, equities analysts anticipate that Qorvo will post 4.84 earnings per share for the current year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors increased its stake in shares of Qorvo by 2.1% in the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after buying an additional 93,068 shares during the last quarter. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after buying an additional 550,111 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after buying an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Qorvo by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake 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 worth $83,429,000 after buying an additional 160,534 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

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.