Citigroup Cuts Qorvo (NASDAQ:QRVO) Price Target to $95.00

Qorvo (NASDAQ:QRVO) had its price objective lowered by Citigroup from $100.00 to $95.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on QRVO. Wolfe Research cut shares of Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Craig Hallum reissued a “buy” rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Mizuho restated an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Zacks Research downgraded shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $94.00.

Qorvo Stock Down 0.2%

Qorvo stock opened at $90.57 on Wednesday. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.42 and a beta of 1.44. Qorvo has a 52-week low of $74.92 and a 52-week high of $109.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.46 and a current ratio of 3.54. The firm has a 50 day moving average price of $93.88 and a two-hundred day moving average price of $86.80.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. During the same period in the prior year, the firm posted $0.92 EPS. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts predict that Qorvo will post 5.87 EPS for the current year.

Insider Activity

In other news, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the sale, the vice president directly owned 24,429 shares of the company’s stock, valued at approximately $2,442,900. This represents a 16.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock valued at $198,911,103 in the last three months. 0.49% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Several hedge funds have recently made changes to their positions in QRVO. Bank of America Corp DE boosted its position in Qorvo by 801.4% during the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock worth $136,795,000 after purchasing an additional 1,571,303 shares during the period. AQR Arbitrage LLC purchased a new position in Qorvo in the 4th quarter valued at approximately $118,204,000. Norges Bank purchased a new position in Qorvo in the 4th quarter valued at approximately $92,430,000. Assenagon Asset Management S.A. raised its holdings in Qorvo by 435.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,183,896 shares of the semiconductor company’s stock valued at $110,422,000 after acquiring an additional 962,593 shares during the period. Finally, Marshall Wace LLP raised its holdings in Qorvo by 16,066.5% during the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after acquiring an additional 809,591 shares during the period. 88.57% of the stock is currently owned by institutional investors.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.