Qorvo (NASDAQ:QRVO) Price Target Lowered to $90.00 at Barclays

by · The Markets Daily

Qorvo (NASDAQ:QRVO – Free Report) had its price target trimmed by Barclays from $120.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

QRVO has been the subject of a number of other research reports. Bank of America decreased their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday. Craig Hallum decreased their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group increased their price objective on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. cut their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $104.47.

View Our Latest Stock Report on QRVO

Qorvo Price Performance

Shares of Qorvo stock opened at $73.04 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The company has a market cap of $6.94 billion, a PE ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. The business has a 50 day moving average of $104.86 and a 200 day moving average of $107.98. Qorvo has a 52 week low of $71.31 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (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 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 quarter in the prior year, the company earned $1.99 earnings per share. As a group, equities research 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 the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo in the second quarter worth about $29,000. Park Place Capital Corp boosted its position in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc boosted its position in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the last quarter. Finally, New Millennium Group LLC purchased a new position in Qorvo in the second quarter worth about $34,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Company Profile

(Get Free Report)

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.

Featured Stories