Qorvo (NASDAQ:QRVO) Given New $85.00 Price Target at TD Cowen

Qorvo (NASDAQ:QRVO) had its price target cut by TD Cowen from $125.00 to $85.00 in a research report released on Wednesday morning, MarketBeat Ratings reports. They currently have a hold rating on the semiconductor company’s stock.

A number of other equities research analysts also recently weighed in on the stock. Susquehanna dropped their price target on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Barclays dropped their price target on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Piper Sandler lowered their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Craig Hallum boosted their price objective on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and an average price target of $104.47.

Qorvo Trading Up 0.8 %

Shares of NASDAQ:QRVO opened at $71.86 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo has a 12-month low of $70.39 and a 12-month high of $130.99. The business has a 50 day moving average of $102.41 and a 200-day moving average of $107.22. The stock has a market cap of $6.79 billion, a PE ratio of -49.22, a P/E/G ratio of 3.98 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $1.99 earnings per share. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities research analysts forecast that Qorvo will post 4.84 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s 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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Institutional investors have recently modified their holdings of the business. Bessemer Group Inc. grew its stake in shares of Qorvo by 1,361.9% in the first 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 last quarter. Daiwa Securities Group Inc. grew its stake in shares of Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after purchasing an additional 4,072 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after purchasing an additional 71,200 shares during the last quarter. APG Asset Management N.V. grew its stake in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Qorvo in the first quarter worth $811,000. 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.