The Goldman Sachs Group Issues Pessimistic Forecast for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its price objective reduced by investment analysts at The Goldman Sachs Group from $99.00 to $78.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 8.80% from the stock’s previous close.

A number of other research analysts have also commented on the company. Barclays decreased their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Morgan Stanley lowered 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. Finally, Needham & Company LLC started coverage on shares of Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target for the company. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $99.06.

Qorvo Stock Performance

NASDAQ QRVO opened at $71.69 on Friday. The stock has a market cap of $6.78 billion, a PE ratio of -49.10, a P/E/G ratio of 5.58 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm has a 50-day moving average of $69.72 and a 200-day moving average of $95.11. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the business posted $1.99 earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Qorvo will post 3.37 EPS for the current year.

Insider Buying and Selling

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Pacer Advisors Inc. lifted its stake in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Vulcan Value Partners LLC lifted its stake in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Caxton Associates LP bought a new stake in Qorvo during the 2nd quarter worth $34,812,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

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.