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

Qorvo (NASDAQ:QRVO) had its target price decreased by Mizuho from $115.00 to $105.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s price target indicates a potential downside of 6.16% from the stock’s current price.

QRVO has been the subject of a number of other reports. Susquehanna restated a “neutral” rating and set a $100.00 price target on shares of Qorvo in a research note on Monday, April 8th. Craig Hallum increased their target price on shares of Qorvo from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Needham & Company LLC restated a “buy” rating and set a $125.00 price objective on shares of Qorvo in a research report on Thursday, February 1st. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $111.12.

Qorvo Trading Down 4.2 %

Qorvo stock opened at $111.89 on Thursday. Qorvo has a one year low of $80.62 and a one year high of $121.65. The business’s fifty day moving average is $113.84 and its 200 day moving average is $105.64. The stock has a market capitalization of $10.80 billion, a PE ratio of -52.04, a price-to-earnings-growth ratio of 0.93 and a beta of 1.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.90 and a quick ratio of 1.33.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The company had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter last year, the company posted $0.11 earnings per share. The firm’s quarterly revenue was up 48.7% on a year-over-year basis. On average, sell-side analysts predict that Qorvo will post 4.95 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, 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 value of $40,356.00. Following the completion of the sale, the vice president now owns 18,442 shares in the company, valued at approximately $2,102,388. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Gina Harrison sold 354 shares of the stock in a transaction that occurred 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 in the company, valued at $2,102,388. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock worth $745,434 over the last quarter. Insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

A number of large investors have recently made changes to their positions in QRVO. Resonant Capital Advisors LLC lifted its holdings in Qorvo by 10.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 2,452 shares of the semiconductor company’s stock valued at $282,000 after buying an additional 225 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Qorvo during the first quarter worth approximately $811,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Qorvo by 17.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,848 shares of the semiconductor company’s stock valued at $12,565,000 after acquiring an additional 16,812 shares in the last quarter. Hartline Investment Corp purchased a new stake in shares of Qorvo in the first quarter valued at approximately $210,000. Finally, Van ECK Associates Corp grew its stake in Qorvo by 23.8% in the first quarter. Van ECK Associates Corp now owns 622,697 shares of the semiconductor company’s stock worth $71,504,000 after purchasing an additional 119,521 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other 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.