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

Qorvo (NASDAQ:QRVO) had its price objective lowered by Benchmark from $136.00 to $128.00 in a research note released on Thursday, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Other analysts have also recently issued reports about the company. Needham & Company LLC dropped their price target on Qorvo from $125.00 to $110.00 and set a buy rating for the company in a report on Thursday. Barclays lifted their target price on Qorvo from $95.00 to $100.00 and gave the stock an equal weight rating in a report on Tuesday, January 16th. Susquehanna decreased their price target on shares of Qorvo from $100.00 to $95.00 and set a neutral rating on the stock in a research note on Thursday. Piper Sandler cut their price objective on shares of Qorvo from $120.00 to $105.00 and set a neutral rating for the company in a report on Thursday, February 1st. Finally, StockNews.com cut shares of Qorvo from a buy rating to a hold rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average target price of $110.83.

Qorvo Stock Up 0.3 %

NASDAQ:QRVO opened at $95.95 on Thursday. The firm’s fifty day moving average price is $113.15 and its two-hundred day moving average price is $105.78. Qorvo has a one year low of $80.62 and a one year high of $121.65. 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 (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. Qorvo’s quarterly revenue was up 48.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 EPS. On average, analysts anticipate that Qorvo will post 6.69 EPS for the current year.

Insider Activity

In related news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the transaction, the senior vice president now directly owns 77,552 shares in the company, valued at approximately $9,306,240. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Paul J. Fego sold 3,027 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $345,078.00. Following the completion of the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,381 shares of company stock worth $745,434. Corporate insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of Qorvo by 646.2% during the third 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 last quarter. FIL Ltd lifted its stake in Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares during the period. Invesco Ltd. increased its stake in shares of Qorvo by 18.9% in the 3rd quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock valued at $189,964,000 after acquiring an additional 316,328 shares in the last quarter. Boston Partners lifted its position in shares of Qorvo by 0.5% during the 4th quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after acquiring an additional 6,558 shares during the period. Finally, UBS Group AG grew its holdings in Qorvo by 491.9% in the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after purchasing an additional 1,053,157 shares during the period. 88.57% of the stock is owned by institutional investors.

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.