Qorvo (NASDAQ:QRVO) Price Target Cut to $128.00

Qorvo (NASDAQ:QRVO) had its price target lowered by stock analysts at Benchmark from $136.00 to $128.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price objective would suggest a potential upside of 32.51% from the company’s current price.

Several other analysts also recently weighed in on QRVO. Needham & Company LLC lowered their price objective on Qorvo from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho lowered their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Raymond James boosted their price objective on Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Finally, Barclays boosted their price objective on Qorvo from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $111.78.

Qorvo Price Performance

NASDAQ:QRVO traded down $15.29 during mid-day trading on Thursday, reaching $96.60. The stock had a trading volume of 2,011,076 shares, compared to its average volume of 1,282,273. The firm has a 50 day moving average price of $113.84 and a two-hundred day moving average price of $105.64. The stock has a market capitalization of $9.33 billion, a P/E ratio of -45.20, a P/E/G ratio of 0.93 and a beta of 1.53. Qorvo has a one year low of $80.62 and a one year high of $121.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.33 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. As a group, analysts expect that Qorvo will post 4.95 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the sale, the vice president now directly owns 18,442 shares of the company’s stock, valued at $2,102,388. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the sale, the vice president now directly owns 18,442 shares of the company’s stock, valued at $2,102,388. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now directly owns 77,552 shares in the company, valued at $9,306,240. The disclosure for this sale can be found here. Insiders have sold a total of 6,381 shares of company stock valued at $745,434 over the last ninety days. Company insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently added to or reduced their stakes in QRVO. Barclays PLC boosted its holdings in Qorvo by 646.2% in the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after acquiring an additional 3,347,972 shares in the last quarter. UBS Group AG lifted its holdings in shares of Qorvo by 491.9% during the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock valued at $120,987,000 after purchasing an additional 1,053,157 shares in the last quarter. Norges Bank bought a new position in shares of Qorvo during the fourth quarter valued at $118,120,000. Balyasny Asset Management L.P. lifted its holdings in shares of Qorvo by 161.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after purchasing an additional 529,309 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Qorvo by 268.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock valued at $51,319,000 after purchasing an additional 391,570 shares in the last quarter. 88.57% of the stock is 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.