Qorvo (NASDAQ:QRVO) Price Target Cut to $95.00 by Analysts at JPMorgan Chase & Co.

Qorvo (NASDAQ:QRVO) had its target price decreased by JPMorgan Chase & Co. from $115.00 to $95.00 in a research report report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the semiconductor company’s stock.

Several other research analysts have also recently commented on the stock. TD Cowen decreased their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday. Piper Sandler cut their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Susquehanna reduced their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday. Needham & Company LLC assumed coverage on Qorvo in a report on Monday. They set a “buy” rating and a $135.00 price target on the stock. Finally, Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the company 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 given a buy rating to the stock. According to MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Down 27.3 %

Shares of Qorvo stock opened at $73.04 on Wednesday. Qorvo has a twelve month low of $71.31 and a twelve month high of $130.99. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The business’s 50 day simple moving average is $104.86 and its 200-day simple moving average is $107.98.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.99 earnings per share. Equities research analysts forecast 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 the 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 sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently made changes to their positions in the business. QRG Capital Management Inc. boosted its holdings in shares of Qorvo by 8.3% during the third quarter. QRG Capital Management Inc. now owns 9,022 shares of the semiconductor company’s stock worth $932,000 after purchasing an additional 695 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares during the period. Van ECK Associates Corp grew its holdings in shares of Qorvo by 23.9% during the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of Qorvo by 7.5% during the third quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company’s stock worth $280,000 after acquiring an additional 194 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Qorvo by 33.7% during 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 during the last quarter. 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.