Canaccord Genuity Trims Qorvo (QRVO) Target Price to $83.00

Qorvo (NASDAQ:QRVO) had its price target dropped by investment analysts at Canaccord Genuity from $90.00 to $83.00 in a report released on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 29.44% from the company’s previous close.

A number of other research firms also recently weighed in on QRVO. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a report on Monday, August 6th. ValuEngine downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, August 18th. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research report on Saturday, August 4th. Citigroup decreased their target price on shares of Qorvo from $86.00 to $75.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, BMO Capital Markets decreased their target price on shares of Qorvo from $75.00 to $65.00 and set a “market perform” rating on the stock in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $80.96.

Shares of Qorvo stock traded up $1.24 during midday trading on Wednesday, reaching $64.12. 626,653 shares of the company’s stock traded hands, compared to its average volume of 1,608,484. The company has a market capitalization of $7.97 billion, a P/E ratio of 13.41, a P/E/G ratio of 0.91 and a beta of 0.92. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16. Qorvo has a 52 week low of $61.00 and a 52 week high of $86.84.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13. The business had revenue of $884.40 million for the quarter, compared to the consensus estimate of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. Qorvo’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.52 EPS. On average, equities research analysts predict that Qorvo will post 5.66 earnings per share for the current year.

In other Qorvo news, Director Roderick Nelson sold 1,500 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $81.00, for a total value of $121,500.00. Following the completion of the transaction, the director now directly owns 3,609 shares of the company’s stock, valued at $292,329. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $65.00, for a total transaction of $195,000.00. Following the completion of the transaction, the vice president now directly owns 67,446 shares of the company’s stock, valued at $4,383,990. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,796 shares of company stock worth $2,577,670. Company insiders own 0.85% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. National Pension Service bought a new position in shares of Qorvo in the third quarter worth about $159,000. Verition Fund Management LLC bought a new position in shares of Qorvo in the third quarter worth about $322,000. Vident Investment Advisory LLC raised its stake in shares of Qorvo by 1,134.3% in the third quarter. Vident Investment Advisory LLC now owns 41,829 shares of the semiconductor company’s stock worth $3,216,000 after acquiring an additional 38,440 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Qorvo by 174.4% in the third quarter. Pacer Advisors Inc. now owns 16,354 shares of the semiconductor company’s stock worth $1,257,000 after acquiring an additional 10,394 shares during the last quarter. Finally, Wexford Capital LP raised its stake in shares of Qorvo by 261.5% during the third quarter. Wexford Capital LP now owns 33,615 shares of the semiconductor company’s stock worth $2,585,000 after buying an additional 24,315 shares during the last quarter. 94.44% of the stock is owned by institutional investors.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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