Qorvo (NASDAQ:QRVO) Price Target Cut to $105.00

Qorvo (NASDAQ:QRVO) had its price target cut by The Goldman Sachs Group from $117.00 to $105.00 in a research note released on Friday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on QRVO. Barclays decreased their target price on shares of Qorvo from $110.00 to $100.00 and set an equal weight rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Qorvo from $105.00 to $100.00 and set an underweight rating on the stock in a research report on Thursday. Mizuho decreased their target price on shares of Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a research report on Thursday. StockNews.com lowered shares of Qorvo from a buy rating to a hold rating in a research note on Thursday, February 8th. Finally, Needham & Company LLC cut their price target on shares of Qorvo from $125.00 to $110.00 and set a buy rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $110.83.

Qorvo Trading Up 0.9 %

Shares of QRVO stock traded up $0.83 on Friday, hitting $96.78. 58,986 shares of the stock traded hands, compared to its average volume of 1,331,592. The firm’s 50-day moving average price is $113.15 and its two-hundred day moving average price is $105.78. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million for 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 company’s 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, sell-side analysts forecast 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 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 completion of the transaction, the vice president now owns 18,442 shares in the company, valued at $2,102,388. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Paul J. Fego sold 3,027 shares of Qorvo stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the completion of the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Gina Harrison sold 354 shares of the company’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 owns 18,442 shares in the company, valued at $2,102,388. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Hedge funds have recently modified their holdings of the stock. Zhang Financial LLC grew its position in Qorvo by 2.7% during the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock valued at $434,000 after acquiring an additional 102 shares during the period. Quadrature Capital Ltd boosted its position in shares of Qorvo by 0.4% in the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock worth $2,825,000 after buying an additional 103 shares during the period. Wahed Invest LLC boosted its position in shares of Qorvo by 7.5% in the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock worth $147,000 after buying an additional 108 shares during the period. Teacher Retirement System of Texas raised its stake in Qorvo by 1.5% during the third quarter. Teacher Retirement System of Texas now owns 7,669 shares of the semiconductor company’s stock valued at $732,000 after buying an additional 116 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Qorvo by 12.9% during the first quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock valued at $119,000 after buying an additional 119 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

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.