Qorvo (NASDAQ:QRVO) PT Lowered to $115.00

Qorvo (NASDAQ:QRVO) had its target price lowered by equities researchers at Susquehanna from $135.00 to $115.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Susquehanna’s price objective would suggest a potential upside of 14.09% from the stock’s current price.

A number of other analysts have also issued reports on QRVO. Craig Hallum boosted their price target on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. TD Cowen upgraded Qorvo to a “hold” rating in a report on Monday, September 16th. The Goldman Sachs Group boosted their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Finally, Barclays lowered their price target on Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $121.29.

Qorvo Stock Down 1.4 %

Shares of NASDAQ:QRVO opened at $100.80 on Monday. Qorvo has a 1 year low of $80.62 and a 1 year high of $130.99. The business has a 50 day simple moving average of $105.98 and a two-hundred day simple moving average of $108.49. The firm has a market capitalization of $9.56 billion, a PE ratio of -347.59, a price-to-earnings-growth ratio of 1.26 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The business had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. On average, equities analysts predict that Qorvo will post 4.84 EPS for the current year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its position in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after purchasing an additional 12,666 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Qorvo by 44.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after acquiring an additional 4,072 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after acquiring an additional 71,200 shares during the period. Leeward Investments LLC MA grew its position in shares of Qorvo by 50.6% during the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after acquiring an additional 51,850 shares during the period. Finally, APG Asset Management N.V. grew its position in shares of Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after acquiring an additional 18,178 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

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.