UBS Group Lowers Qorvo (NASDAQ:QRVO) Price Target to $90.00

Qorvo (NASDAQ:QRVO) had its price target decreased by UBS Group from $115.00 to $90.00 in a report released on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the semiconductor company’s stock.

A number of other research firms also recently issued reports on QRVO. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. TD Cowen dropped their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Rosenblatt Securities lifted their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Barclays dropped their price objective on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Finally, Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $104.47.

Qorvo Stock Up 0.8 %

QRVO opened at $71.86 on Wednesday. The company has a 50 day moving average of $103.28 and a 200 day moving average of $107.48. The company has a market cap of $6.82 billion, a PE ratio of -49.22, a price-to-earnings-growth ratio of 0.88 and a beta of 1.45. Qorvo has a 12 month low of $70.39 and a 12 month high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.36 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating 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 firm earned $1.99 EPS. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently modified their holdings of QRVO. Pacer Advisors Inc. increased its position in shares of 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 period. Vulcan Value Partners LLC increased its position in shares of Qorvo by 35.0% in the second 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 period. Thrivent Financial for Lutherans boosted its stake in shares of Qorvo by 1,507.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after purchasing an additional 326,087 shares in the last quarter. Caxton Associates LP bought a new stake in shares of Qorvo during the 2nd quarter valued at about $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Qorvo by 177.4% during the 1st 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 purchasing an additional 272,872 shares in 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.