JPMorgan Chase & Co. Trims Qorvo (NASDAQ:QRVO) Target Price to $100.00

Qorvo (NASDAQ:QRVO) had its target price trimmed by JPMorgan Chase & Co. from $105.00 to $100.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an underweight rating on the semiconductor company’s stock.

QRVO has been the subject of a number of other research reports. Needham & Company LLC dropped their price objective on shares of Qorvo from $125.00 to $110.00 and set a buy rating for the company in a research note on Thursday. Susquehanna dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a neutral rating for the company in a research note on Thursday. StockNews.com cut shares of Qorvo from a buy rating to a hold rating in a research note on Thursday, February 8th. Benchmark dropped their price objective on shares of Qorvo from $136.00 to $128.00 and set a buy rating for the company in a research note on Thursday. Finally, Barclays upped their target price on shares of Qorvo from $95.00 to $100.00 and gave the stock an equal weight rating in a report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $110.83.

Qorvo Stock Performance

NASDAQ:QRVO traded up $0.28 during trading hours on Thursday, hitting $95.95. 2,424,521 shares of the company traded hands, compared to its average volume of 1,436,907. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The firm has a 50-day moving average of $113.15 and a 200 day moving average of $105.68. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.33.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. On average, sell-side analysts expect that Qorvo will post 6.69 earnings per share for the current year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 354 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the sale, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the transaction, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. 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 in the last 90 days. 0.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Barclays PLC raised its position in shares of Qorvo by 646.2% in the 3rd quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock valued at $369,091,000 after acquiring an additional 3,347,972 shares during the period. UBS Group AG raised its position in shares of Qorvo by 491.9% in the 3rd quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock valued at $120,987,000 after acquiring an additional 1,053,157 shares during the period. Norges Bank acquired a new stake in shares of Qorvo in the 4th quarter valued at approximately $118,120,000. Balyasny Asset Management L.P. raised its position in shares of Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after acquiring an additional 529,309 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Qorvo by 268.3% in the 3rd 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 acquiring an additional 391,570 shares during the period. 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.