Qorvo (NASDAQ:QRVO) PT Lowered to $85.00

Qorvo (NASDAQ:QRVO) had its target price cut by equities research analysts at TD Cowen from $125.00 to $85.00 in a research note issued on Wednesday, Briefing.com reports. The firm currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price target would suggest a potential downside of 15.41% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $130.00 to $120.00 in a report on Friday, October 11th. The Goldman Sachs Group raised their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $114.53.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $100.48 on Wednesday. The company has a market capitalization of $9.55 billion, a PE ratio of -137.64, a PEG ratio of 1.20 and a beta of 1.45. 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 stock’s 50 day moving average price is $104.86 and its 200-day moving average price is $107.98. Qorvo has a twelve month low of $80.62 and a twelve month high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Pacer Advisors Inc. increased its stake 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. Vulcan Value Partners LLC raised its holdings in shares of Qorvo by 35.0% during 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 buying an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Qorvo by 1,507.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock worth $40,349,000 after buying an additional 326,087 shares during the last quarter. Caxton Associates LP purchased a new stake in Qorvo in the second quarter worth approximately $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Qorvo by 177.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after acquiring an additional 272,872 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

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.