Barclays Cuts Qorvo (NASDAQ:QRVO) Price Target to $80.00

Qorvo (NASDAQ:QRVO) had its target price trimmed by Barclays from $90.00 to $80.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

Other equities research analysts also recently issued research reports about the company. Craig Hallum cut their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a 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. TD Cowen reduced their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Finally, Piper Sandler cut 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. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $98.47.

Qorvo Stock Up 14.4 %

Qorvo stock opened at $84.21 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company’s 50-day moving average is $70.09 and its 200-day moving average is $93.53. The firm has a market capitalization of $7.96 billion, a PE ratio of -57.68, a P/E/G ratio of 5.74 and a beta of 1.40. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99.

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

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Qorvo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after acquiring an additional 1,418,784 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after purchasing an additional 645,829 shares in the last quarter. Vulcan Value Partners LLC boosted 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 purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans grew 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 purchasing an additional 487,621 shares during the last quarter. Finally, Caxton Associates LP acquired a new position in Qorvo during the 2nd quarter worth approximately $34,812,000. 88.57% of the stock is currently owned by institutional investors.

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.